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Speaker 1: This is Bloomberg Business. Wait inside from the reporters and

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Speaker 1: editors who bring you America's most trusted business magazine, plus

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Speaker 1: global business finance and tech news. The Bloomberg Business Week

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Speaker 1: Podcast with Carol Messer and Tim Stenebeck from Bloomberg Radio.

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Speaker 2: Jam in a little pop pana talk Man, I love

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Speaker 2: that song. Kind of takes me back.

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Speaker 3: You are listening and watching Bloomberg Business Week and talking

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Speaker 3: about hitting.

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Speaker 2: With your best shot.

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Speaker 3: I feel like, man, the jobs report this morning just

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Speaker 3: kind of firing on all cylinders.

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Speaker 4: Would you call it a Goldilocks report?

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Speaker 2: Well, exactly like.

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Speaker 3: I feel like it kind of checked all the boxes

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Speaker 3: that the Fed needed to do. And so let's just

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Speaker 3: get right to it. Because our own Molly Smith, she's

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Speaker 3: Bloomberg News Economics editor. She's a fan of tennis, and

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Speaker 3: we're going to talk about that in just a moment.

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Speaker 4: We think she's actually off today, Are you off?

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Speaker 5: No, I've worked. I actually went on the Bloomberg Markets

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Speaker 5: Show this morning and they said that for every time

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Speaker 5: someone mentioned it was a Goldilocks report, that added to

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Speaker 5: the shot counts. So in case anybody is keeping track.

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Speaker 4: It's like it's a sip of honey for you, I.

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Speaker 5: Will take that.

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Speaker 3: It's like the AI shot game and then the Goldilocks

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Speaker 3: economy shot game. Let's talk though the jobs report and

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Speaker 3: we say goldilocks because it kind of right.

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Speaker 2: It's not falling apart, but it's easing. So walk us

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Speaker 2: through it. What was important?

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Speaker 5: No, I think that's exactly the way that we've been

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Speaker 5: describing it to just like this. Actually, my editor came

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Speaker 5: up with us when I really like this a controlled

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Speaker 5: cooling of the job market. Yeah, so we've got a

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Speaker 5: moderation in hiring, which has been the continuing trend. And

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Speaker 5: I wouldn't be surprised to see if the print that

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Speaker 5: came in today was revised lower a month later, because

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Speaker 5: that seems to be happening just about every month that

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Speaker 5: we get a jobs report. We also saw slowly wage

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Speaker 5: gains and higher unemployment rate, but for what we would

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Speaker 5: call a quote good reason, because it reflected more people

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Speaker 5: coming into the labor force, so greater participation is.

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Speaker 4: You know, I heard Mike McKee, International Economics and Policy

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Speaker 4: correspondent on Surveillance talking about this this morning. The bankruptcy

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Speaker 4: of the Yellow Trucking Company thirty thousand jobs not included

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Speaker 4: in this month's report as a result of what we

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Speaker 4: saw there, how should we read into those one off scenarios,

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Speaker 4: because when we learned of Yellows bankruptcy, we also knew

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Speaker 4: that thanks to the economic data, there are a lot

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Speaker 4: of trucking jobs out there, or these uneployed truckers to

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Speaker 4: go get they.

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Speaker 5: Very well could have been scooped up already. And you know,

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Speaker 5: speaking of one officer, I mean it's hard to tell.

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Speaker 5: But how however long the Hollywood strikes are going to continue.

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Speaker 5: That also subtracted from payrolls quite a bit, so that

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Speaker 5: one eighty seven thousand number for the added jobs in

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Speaker 5: the month would have been even stronger if not for

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Speaker 5: the effect of those two events. Yeah, I mean, it's

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Speaker 5: it's we saw really a pretty broadcase, broad based gain,

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Speaker 5: especially though in the service producing industries, in healthcare and

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Speaker 5: you know some of these industries where we've had a

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Speaker 5: lot a lot of those labor shortages. So still continuing

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Speaker 5: to climb back, which is a good sign.

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Speaker 3: What I thought was really wild and cool and interesting

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Speaker 3: is people coming back to the workforce, right the labor

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Speaker 3: participation rate and also what they talked about, was it

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Speaker 3: the participation rate for prime age workers in terms of

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Speaker 3: it rebounding, That to me is significant. The people on

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Speaker 3: the sidelines who were like, I'm out are all a

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Speaker 3: sudden back in.

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Speaker 5: Yeah, it took them some time. I don't know what

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Speaker 5: these people have been doing, and we've all obviously been working,

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Speaker 5: but they're back now, and a lot of them are

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Speaker 5: back so and that's really helping to ease the wage

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Speaker 5: pressure picture a lot so more of the when we

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Speaker 5: hear supply and demand of labor coming back into balance,

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Speaker 5: that's where you see it happening.

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Speaker 4: So if you're a Federal Reserve Chair J. Powell and

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Speaker 4: you're sitting there at your Bloomberg terminal at eight twenty

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Speaker 4: nine fifty nine this morning, waiting for those prayers, saying

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Speaker 4: your prayers, waiting for those numbers to come.

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Speaker 2: Across A thirty twenty nine, he is like, I'm out

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Speaker 2: to the beach.

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Speaker 5: I'm good here today.

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Speaker 4: These numbers hit. What are you thinking?

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Speaker 5: I think it's just I don't know what more you

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Speaker 5: could really ask for. You know, this is like showing

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Speaker 5: exactly the soft landing case that he's been preaching would

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Speaker 5: be possible and would have has been his base case

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Speaker 5: all along. So I mean I'm obviously, you know, you

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Speaker 5: can't take too much of a victory lab and they're

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Speaker 5: going to be careful not to. But we'll hear from

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Speaker 5: more FED speakers next week and then predictably, the call

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Speaker 5: right now is that the September decision is going to

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Speaker 5: be to leave rates unchanged.

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Speaker 3: Help me, though, because I'm looking at a two year

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Speaker 3: note that definitely popped up right. There's my charts all

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Speaker 3: along the Yelk curve, the five and the two and

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Speaker 3: the two year wented a yield to four point eighty six.

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Speaker 3: I've got a ten yere at four one sixty seven,

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Speaker 3: and we definitely did see a bit of a pop

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Speaker 3: in the equities and they pulled off the higher rate moves, though,

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Speaker 3: is telling.

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Speaker 5: Us what I mean? I think that you still have

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Speaker 5: November on the table. That's you can't be ruled out. Jamie.

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Speaker 5: That very clear at Jackson Hole last week that they

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Speaker 5: have to keep their options open. And I think most

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Speaker 5: economists right now would tell you that November is very

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Speaker 5: much a live meeting, even though September more or less

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Speaker 5: seems locked in to hold steady and.

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Speaker 3: In terms of the market pricing and rate cuts for

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Speaker 3: next year, still happening.

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Speaker 5: Maybe be a bit less so, but yeah, I mean

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Speaker 5: the moves today just very much showing September being unchanged

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Speaker 5: pretty solid before you, Maerica.

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Speaker 4: One more, okay, hire for longer? How long? How long

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Speaker 4: does that mean?

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Speaker 5: Don't we all want to know? Tim? If I need

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Speaker 5: answer to that, I wouldn't be sitting here.

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Speaker 2: No, actually.

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Speaker 3: She would be here, she wouldn't be talking to She

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Speaker 3: would actually be like a box.

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Speaker 6: Right.

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Speaker 4: The President's the President's suite.

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Speaker 5: That sounds nice.

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Speaker 3: One more just to attack on to Tim, what's the

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Speaker 3: next focal point in terms of economic data points?

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Speaker 5: Oh goodness, not a whole lot going on next week.

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Speaker 5: It's really more in the FED speaker front, so hearing

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Speaker 5: from a few of them next week, and then they're

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Speaker 5: in blackout before the September fo MC meeting. So it

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Speaker 5: would be interesting to see just you know, we've seen

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Speaker 5: some of these factions coming about in the committee of

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Speaker 5: like where the doves are, where the hawks are, how

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Speaker 5: people are interpreting the data. So we'll give it a

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Speaker 5: nice clear picture next week of like where everyone stands.

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Speaker 4: Oh okay, well, Molly, I mean fifty weeks a year,

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Speaker 4: you know, I see you around the office, and we're

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Speaker 4: just basically we're just doing a countdown to these two weeks. Yes,

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Speaker 4: you told me before the show, this has been like

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Speaker 4: the best week of your life running around the US Open.

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Speaker 4: What have you seen? What are you excited to see tonight?

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Speaker 4: Who's on your who's on your list of winners?

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Speaker 5: I really have had the best week. Nothing can take

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Speaker 5: away from this. Have been absolutely glowing.

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Speaker 2: So do you love the sport?

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Speaker 5: I do. I've played forever. I used to teach I watch.

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Speaker 5: I mean, the reason why I got into journalism. I

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Speaker 5: was hoping to be a tennis commentator more so than

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Speaker 5: an economy one. But I've got a nice.

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Speaker 4: Come all right, we'll be right now. We got about

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Speaker 4: seven minutes where you can be a tennis commentator.

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Speaker 5: Right now, we'll waste it, Okay. I just came from

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Speaker 5: before I came over here was watching the top men's

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Speaker 5: doubles team in the world. I think they're doing well

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Speaker 5: up in the third set right now. This is Neil

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Speaker 5: Scubsky and cool and Woolcough. Those are the two names

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Speaker 5: sometimes I get tripped up on. But they're playing a

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Speaker 5: Colombian team and it is fiery in there. Some of

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Speaker 5: the South American crowds. You know it is a Seahart

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Speaker 5: producer right now, he's pomped. It is crazy. I think

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Speaker 5: the best match I've probably ever seen in my twenty

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Speaker 5: something years of coming to the US Open might have

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Speaker 5: been yesterday when I watched a Brazilian woman play an

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Speaker 5: American woman in the singles on Court seventeen, which is

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Speaker 5: one of the smaller stadium courts. But the atmosphere is

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Speaker 5: electric and you better believe the Brazilians were there in force.

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Speaker 5: Obviously the Americans were as well. It was fire. This

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Speaker 5: was Taylor Townsend and Beatrice Hadadmia.

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Speaker 3: Fire meaning what the strength, the force, the power, what

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Speaker 3: I mean, the sheer game of course, the shop making

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Speaker 3: also really rare to see two lefties going at it,

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Speaker 3: so that was a lot of fun and just you know,

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Speaker 3: I think it also for a lot of people who

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Speaker 3: come here and maybe you're not really familiar with tennis,

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Speaker 3: you don't watch it the rest of the fifty weeks

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Speaker 3: of the year, like I do, you think of it

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Speaker 3: as maybe a more quote gentlemanly sport.

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Speaker 5: You know, it's quiet, the little golf clap. This was

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Speaker 5: like a soccer match or football, but you know it was.

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Speaker 5: It was insane in there, like the people were out

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Speaker 5: on their up, on their feet after every point.

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Speaker 4: Do you like the first week or the second week better?

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Speaker 5: First?

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Speaker 4: I do too well, doubtedly, because I mean I think

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Speaker 4: the biggest secret of coming to the US Open is

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Speaker 4: like stay out of ash, yes, and just go around

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Speaker 4: to the courts. The outside courts, you see the best

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Speaker 4: tennis players in the world. You can get up close

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Speaker 4: to them. Sometimes you walk up to courts people are

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Speaker 4: in a third set or a fifth set, You've never

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Speaker 4: heard of them, and you literally get to be in

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Speaker 4: the front row and see the best tennis you've ever seen.

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Speaker 3: Which speaks to what we talked about with the team

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Speaker 3: over at ay IBM in terms of what they are

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Speaker 3: doing is a lot of the other courts don't get

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Speaker 3: a lot of attention, but they're taking now the footage

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Speaker 3: and they're creating AI generated commentary and that they're finding

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Speaker 3: people want that, they want to know what's going on

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Speaker 3: and on some of the other courts around here.

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Speaker 5: I think what a lot of casual tennis fans probably

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Speaker 5: also don't have a great grasp of is just how

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Speaker 5: good you have to be to part of my language,

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Speaker 5: but suck at the US Open. Like, if you're a

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Speaker 5: singles player and you lose in the first round, you

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Speaker 5: still were among the top one hundred and twenty eight

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Speaker 5: players in the world. A lot of them had to

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Speaker 5: go through several rounds of qualifying to get in there.

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Speaker 5: You're still going to see amazing tennis. And it's a

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Speaker 5: lot better than, like you said, Tim going into ash

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Speaker 5: and seeing a blowout in the first week.

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Speaker 3: Can we talk women, yes, because now that all right,

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Speaker 3: Venus was here but she's out unfortunately.

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Speaker 2: And then Serena we know not here.

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Speaker 3: I think I saw her last match last year, but

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Speaker 3: we never know right whether or not she could come back.

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Speaker 5: Serene Aving, Yeah, I don't know. She's had her second kid.

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Speaker 5: A couple of weeks.

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Speaker 3: She did just have her second kid. What are we

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Speaker 3: looking forward to in terms of the next generation when

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Speaker 3: it comes to women, We know that there's already a

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Speaker 3: few names out there.

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Speaker 5: Yeah, I mean, I think like there's it's really never

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Speaker 5: been a better time in recent years to be a

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Speaker 5: fan of Americans tennis, and the women are really doing

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Speaker 5: so well on the front of the men as well.

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Speaker 5: But I'm really excited about Cocoa Goff and Jess Pigula

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Speaker 5: like everyone else. I saw them play in doubles together

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Speaker 5: the other day. Actually, I think they were the only

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Speaker 5: players in the world right now where we are top

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Speaker 5: ten in singles and doubles. Each of them really impressive,

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Speaker 5: not easy to do. So they are really just like

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Speaker 5: riding a ton of momentum from the summer hardcore season

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Speaker 5: into the US Open. The other top three seeds are

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Speaker 5: also doing incredibly well on the single side, so it's

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Speaker 5: not I haven't been too many big upsets yet. I

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Speaker 5: think most of the women are really it's it's been

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Speaker 5: a I'm just having a.

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Speaker 4: Blast watching them, you know, it's pretty amazing. You mentioned

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Speaker 4: Jess Pagoula, she's also doing mixed doubles. Like, she's not

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Speaker 4: playing mixed doubles today. She like, wait, wasn't she just

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Speaker 4: playing last night? And ash, why is she out here today?

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Speaker 4: And then I saw it was mixed doubles. She's doing everything.

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Speaker 5: Yeah, and you know some players do that. It's I think,

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Speaker 5: you know, I've listened to what some of the commentators

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Speaker 5: have to say about it. A lot of them will

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Speaker 5: tell you, you know, like great to play doubles, you know,

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Speaker 5: really helps your singles game gets you at the net

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Speaker 5: a lot more your reaction time, just getting more reps

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Speaker 5: in in general, but the mixed being maybe that's a

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Speaker 5: little too much, especially if you're a serious contender in

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Speaker 5: the second week of the singles draw.

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Speaker 4: But the problem is here in New York, some of

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Speaker 4: these matches don't end until one or two in the morning, right,

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Speaker 4: and then you're you're the problem for the player, and

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Speaker 4: it's right for the tame and some of those players

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Speaker 4: if they have a doubles or a mixed doubles match

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Speaker 4: the next two day.

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Speaker 5: Ben Sholton today too, doing a doubleheader.

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Speaker 2: It's pretty incredible. How old are these guys are? They're young?

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Speaker 5: Oh yeah, Ben's twenty, so you.

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Speaker 2: Can do that.

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Speaker 5: Remember doing all nighters getting out the same thing is twenty,

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Speaker 5: Jess is twenty seven, Cocos nineteen, we bet it.

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Speaker 3: Serena having her second baby. There is this trend and

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Speaker 3: you write about it too. Have these women who've had

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Speaker 3: babies and they're coming back.

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Speaker 5: I think it's great. Hopefully you know we're seeing that.

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Speaker 5: Also to tie in the economy angle, my boss would

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Speaker 5: love that in the women's participation rate, that more women

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Speaker 5: coming back to work as well, so obviously this kind

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Speaker 5: of work being much more demanding after you've gone through labor.

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Speaker 5: But it's it's amazing to see Carolyn Woziaki, he's playing tonight.

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Speaker 5: Alina Spidelina is still alive. It's it's amazing.

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Speaker 4: Yeah. Wassniyaki's match earlier this week was amazing.

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Speaker 5: Yeah, to see her beat Patrick kavittov A, you know,

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Speaker 5: a top ten or so player in straight sets. I

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Speaker 5: mean she's back. That was incredible to see.

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Speaker 4: Yeah, incredible journey. I mean not just having a couple

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Speaker 4: of kids, but also her battle with her health issues

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Speaker 4: that she's been battling over the last few years. I mean,

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Speaker 4: the game she played the other night was incredible. Looking

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Speaker 4: forward to seeing her to night as well.

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Speaker 2: Speaking of battles, just thirty seconds left here. The pay issues.

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Speaker 3: I know, the USTA has done a lot in terms

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Speaker 3: of the Open, but there's still some work.

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Speaker 2: To be done.

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Speaker 5: The thing that people have to keep in mind is

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Speaker 5: that it's the WTA. The Women's store and the men's

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Speaker 5: Tour are two separate bodies. They have their own prize

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Speaker 5: pools they dictate or yeah, their prize money, they dictate

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Speaker 5: that separately. So optically, yeah, it doesn't look great when

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Speaker 5: you're at a tournament that they award, let you know,

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Speaker 5: a different amount to each player. But it's not as

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Speaker 5: if one governing body is deciding that the women are

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Speaker 5: earning less than the men.

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Speaker 2: All right, we're gonta leave it there.

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Speaker 3: Oh wait, it's the Tennis channel calling. Oh wait, it's

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Speaker 3: ESPN calling. Wait it's CBS Sports calling.

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Speaker 2: You were really good. That was really fun.

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Speaker 5: Let's stay here all day.

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Speaker 4: ESPN's just right over there. Just walk on over, and.

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Speaker 3: The economics editors, sports commentator a little bit of that.

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Speaker 2: She does it all. Mollie Smith, Thanks so much. Enjoy

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Speaker 2: the rest of it. You can tell you're having a ball.

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Speaker 3: Molly Smith here Bloomberg News Economics editor on site with

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Speaker 3: us at the Open.

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Speaker 2: We're just getting started on this. It's Friday. Can you

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Speaker 2: tell stick around? Everybody's coming back. This is Bloomberg.

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Speaker 1: You're listening to the Bloomberg Business Week podcast. Catch us

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Speaker 1: live weekday afternoons from three to six Eastern Listen on

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Speaker 1: Bloomberg dot com, the iHeartRadio app, and the Bloomberg Business App,

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Speaker 1: or watch us live on YouTube.

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Speaker 3: Carol Masser along with Tim Stenoviek live at the US

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Speaker 3: open here in Flushing Meadows, New York, of course, just.

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Speaker 2: Outside Arthur Ash.

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Speaker 3: We're going to get back to tennis in just a moment.

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Speaker 3: Although I feel like Molly, what one incredible job of

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Speaker 3: kind of melding the job market the economy and then

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Speaker 3: of course talking tennis here.

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Speaker 2: Right now that we need to do a little bit

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Speaker 2: more on the job market.

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Speaker 4: Yeah, let's talk about it. It was a deployment report

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Speaker 4: that we got today that showed the US hiring picked

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Speaker 4: up in August, wage growth slowed. It offered a mixed

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Speaker 4: picture of both resilience and moderation when comes to the

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Speaker 4: labor market. Pretty much what Jay Powell wants to see.

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Speaker 2: Yeah, he's got to be pretty happy and feeling pretty confident.

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Speaker 4: Well with us, and to give us an idea of

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Speaker 4: what she's seeing when it comes to jobs here in

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Speaker 4: the US. We are very pleased to go back with us.

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Speaker 4: Amy Glazer, senior vice president at the staffing and Recruiting

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Speaker 4: agency at DECO. She joins us on Zoom from Florida

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Speaker 4: this afternoon. Amy, how are.

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Speaker 7: You hey, Good morning, Good afternoons. Then I'm great.

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Speaker 4: Yeah, we're doing pretty well here in six It's good

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Speaker 4: to have you with us this afternoon. So what were

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Speaker 4: your big takeaways from the employment report versus what you're

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Speaker 4: seeing on at a deco.

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Speaker 8: Yeah, so I think what we're still seeing it's definitely

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Speaker 8: a talent driven market. Although you did the unemployment tick

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Speaker 8: up thirty basis points. You know, that being offset by

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Speaker 8: the labor of participation rate really just continues to send

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Speaker 8: mixed messages.

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Speaker 7: But those sectors that showed us.

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Speaker 8: Growing or what we're seeing, hospitality still growing in demand.

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Speaker 8: Healthcare is hot hot right now, another you know, some

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Speaker 8: of the other industries pulling a little bit, but really

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Speaker 8: looking to surge ahead again in September as holiday hiring

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Speaker 8: gets hot and heavy.

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Speaker 4: You know, I'm really interested in what you said about

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Speaker 4: this being a talent driven economy. Is carently I've talked

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Speaker 4: about over the last few months. It really seems like,

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Speaker 4: I don't know, Carol the uh. There's been a shift

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Speaker 4: with when companies demanding workers come back to the office.

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Speaker 4: It's one that you and I predicted that the work

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Speaker 4: from home thing wouldn't last forever, and as soon as

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Speaker 4: there was this imbalance between supply and demand, as soon

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Speaker 4: as that eased, we would start to see companies wanting

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Speaker 4: their employees back in the office, Amy, what makes you

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Speaker 4: say that it's still a talent driven.

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Speaker 8: You know, I think as long as you've got one

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Speaker 8: and a half openings for every single job seeker, they

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Speaker 8: still have lots of opportunity and are willing to kind

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Speaker 8: of add for what they're looking for. And those employers

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Speaker 8: that are offering flexibility and being agile right now are

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Speaker 8: the ones that are really winning. We are seeing the

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Speaker 8: return to the office, but we're also surprisingly seeing a

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Speaker 8: stronger appetite from a lot of job seekers to return

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Speaker 8: to the office, especially if that's in that kind of

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Speaker 8: hybrid type of environment.

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Speaker 3: Hey, so, Amy, give us a reminder for our audience

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Speaker 3: about the type of you do staff and you do recruiting.

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Speaker 2: What kind of jobs typically? Is it white collar, is

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Speaker 2: it office?

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Speaker 3: What kind of jobs particularly are you working or does

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Speaker 3: it cross a lot of different worlds.

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Speaker 8: So I'm part of our general staffing sector, so it

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Speaker 8: crosses a little bit of everything from blue collar to

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Speaker 8: white collar, professional services, healthcare, creative and marketing. So we

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Speaker 8: pretty much run the gamut of temporary to full time

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Speaker 8: permanent placement.

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Speaker 7: So we do have.

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Speaker 8: The opportunity to see a really large spectrum of items

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Speaker 8: going on in the market out.

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Speaker 3: There, all right, So where would you see would you

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Speaker 3: say in particular, because it sounds like you are pretty

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Speaker 3: optimistic and that the worker is still kind of in

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Speaker 3: the driver's seat, or those job seekers are still in

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Speaker 3: the driver's seat.

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Speaker 2: Where in particular are you seeing strength?

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Speaker 3: And I'm also curious about older workers because I feel

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Speaker 3: like that labor participation rate was also the result of

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Speaker 3: maybe some workers maybe older, maybe they had some savings

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Speaker 3: or maybe.

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Speaker 2: What have you.

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Speaker 3: And we're like, I didn't need to come back in

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Speaker 3: now I'm coming back in and we'll find out more,

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Speaker 3: I'm sure as the time goes on, But tell us

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Speaker 3: about what you're seeing in that front.

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Speaker 7: Yeah, I think we're still seeing strength in healthcare. And

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Speaker 7: it's funny.

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Speaker 8: I was talking to my mother last night, who retired

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Speaker 8: as a nurse and actually returned to the workforce. So

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Speaker 8: I think she's one out of every six of those

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Speaker 8: retirees that have been considering returning.

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Speaker 7: To the workforce. And it's for a couple of different reasons.

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Speaker 8: Number one, inflation looking for ways to supplement income. But

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Speaker 8: number two, a lot of folks that retired during the

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Speaker 8: pandemic have really started missing that sense of purpose that

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Speaker 8: you feel when you go to work every day, and

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Speaker 8: that sense of community and camaraderie. So it's offering the

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Speaker 8: opportunity for the retirees.

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Speaker 7: To return to the workforce.

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Speaker 8: What we are seeing is a trend for retirees is

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Speaker 8: more of a part time return to the workforce. They're

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Speaker 8: coming back, They're not giving up their days on the

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Speaker 8: golf course. They're coming back and working a couple of

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Speaker 8: days at a time or a mixed shift.

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Speaker 4: So the narrative that emerged in the last couple of

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Speaker 4: years of people during the pandemic permanently removing themselves from

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Speaker 4: the workforce, is that still the case or is everything

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Speaker 4: that you mentioned sort of making that So it's been

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Speaker 4: turned on its head.

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Speaker 8: I think it's been turned on its head a little bit.

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Speaker 8: And I think, you know, inflation certainly has been driving

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Speaker 8: as folks are concerned about how they're going to keep

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Speaker 8: up with their overall costs. So I think, you know,

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Speaker 8: we're continuing to see a lot of creativity we were

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Speaker 8: I was talking to one of my customers the other

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Speaker 8: day who had found a set of school bus drivers

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Speaker 8: that were willing to pick up this odd shift from

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Speaker 8: midnight to five in the morning and then go drive

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Speaker 8: their bus route to supplement their income.

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Speaker 7: But it was a huge.

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Speaker 8: Benefit to the employer who genuinely usually had a hard

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Speaker 8: time attracting that third shift workforce. So creativity, flexibility are

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Speaker 8: really the name of the game and who's going to

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Speaker 8: win this moving forward?

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Speaker 2: What about wages?

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Speaker 7: Yeah, so we.

442
00:19:06,520 --> 00:19:10,159
Speaker 8: Are seeing definitely a slowdown in terms of the huge,

443
00:19:10,200 --> 00:19:14,600
Speaker 8: big sign on bonuses, retention bonuses, perks that were being offered.

444
00:19:14,960 --> 00:19:17,359
Speaker 8: We're seeing employers continue to put it kind of in

445
00:19:17,480 --> 00:19:20,640
Speaker 8: more of that base wage rate and supplement it by

446
00:19:20,800 --> 00:19:24,720
Speaker 8: non monetary perks, whether it be flexible schedules, the ability

447
00:19:24,800 --> 00:19:28,840
Speaker 8: to work from home, enhanced benefits, enhance mental and well being,

448
00:19:29,040 --> 00:19:32,760
Speaker 8: financial offerings. So we're seeing quite a bit of things

449
00:19:32,880 --> 00:19:37,040
Speaker 8: in that nature. We are expecting as seasonal hiring starts,

450
00:19:37,119 --> 00:19:40,880
Speaker 8: there's still going to be acceleration within wages in that

451
00:19:40,960 --> 00:19:44,320
Speaker 8: blue collar hourly workforce sector, especially in.

452
00:19:44,320 --> 00:19:45,280
Speaker 7: Quarter four this year.

453
00:19:46,880 --> 00:19:48,760
Speaker 4: Is it still a good time for as to ask

454
00:19:48,800 --> 00:19:49,280
Speaker 4: for a raise.

455
00:19:51,080 --> 00:19:53,280
Speaker 8: It's always a good time to ask for a raise

456
00:19:53,400 --> 00:19:55,760
Speaker 8: if you've got a solid reason behind it.

457
00:19:55,840 --> 00:19:57,680
Speaker 7: I think, you know, recruiting has been.

458
00:19:57,640 --> 00:19:59,399
Speaker 8: The name of the game for a long time, and

459
00:19:59,600 --> 00:20:03,200
Speaker 8: employe have really settled in on retention and keeping their

460
00:20:03,240 --> 00:20:07,159
Speaker 8: top talent as being a priority. So my recommendation is,

461
00:20:07,200 --> 00:20:11,840
Speaker 8: if you've got the data and stats to support your request,

462
00:20:12,000 --> 00:20:15,679
Speaker 8: that employer, the ROI on you is often worth a

463
00:20:15,720 --> 00:20:19,240
Speaker 8: lot more of a vacancy and having to replace that

464
00:20:19,400 --> 00:20:20,280
Speaker 8: cost of turnover.

465
00:20:21,680 --> 00:20:23,760
Speaker 3: Just going to say our crew, everybody's ears perked up

466
00:20:23,760 --> 00:20:25,879
Speaker 3: when it's like, is this the time to ask for you?

467
00:20:26,040 --> 00:20:26,200
Speaker 6: Said?

468
00:20:26,280 --> 00:20:28,680
Speaker 4: Yes, always you got to have you.

469
00:20:30,600 --> 00:20:35,720
Speaker 3: But but having said that, it's interesting because I feel like,

470
00:20:36,520 --> 00:20:40,760
Speaker 3: you know, we know employers, you know, amy want to

471
00:20:40,800 --> 00:20:42,879
Speaker 3: hold on to workers and they tend to what do

472
00:20:42,960 --> 00:20:46,600
Speaker 3: we call that hoarding labor hoarding, you know, holding onto

473
00:20:46,600 --> 00:20:48,480
Speaker 3: workers not wanting to letting them go because the cost

474
00:20:48,520 --> 00:20:51,479
Speaker 3: of finding a worker is pretty expensive. But I do

475
00:20:51,560 --> 00:20:55,800
Speaker 3: also hear about this quiet quitting or you know, quietly firing,

476
00:20:56,000 --> 00:21:00,440
Speaker 3: quiet firing like stuff going on so that people employers

477
00:21:00,520 --> 00:21:01,919
Speaker 3: do reduce their workforces.

478
00:21:01,920 --> 00:21:02,960
Speaker 2: What are you seeing on that front?

479
00:21:04,240 --> 00:21:07,320
Speaker 8: Yeah, I think it's it just varies by employer, by sector,

480
00:21:08,080 --> 00:21:11,320
Speaker 8: different portions and pockets along the along the US, those

481
00:21:11,320 --> 00:21:13,440
Speaker 8: were some really big buzzwords.

482
00:21:12,880 --> 00:21:15,760
Speaker 7: We heard for the last twelve to eighteen months.

483
00:21:15,680 --> 00:21:17,760
Speaker 8: And there's not been a lot of noise, so kind

484
00:21:17,760 --> 00:21:21,280
Speaker 8: of quiet on that front as well.

485
00:21:23,359 --> 00:21:25,840
Speaker 4: Okay, So I guess my last question is because I

486
00:21:25,920 --> 00:21:29,000
Speaker 4: oftentimes go to that Jolts number when I'm talking about

487
00:21:29,040 --> 00:21:31,760
Speaker 4: the labor force, and I always get pushback from people

488
00:21:31,760 --> 00:21:34,080
Speaker 4: that say, Okay, why do you say there's one point

489
00:21:34,080 --> 00:21:36,879
Speaker 4: five jobs for every you know, person out there who's

490
00:21:36,920 --> 00:21:39,680
Speaker 4: looking when you know nobody's going to move from Toledo,

491
00:21:39,720 --> 00:21:44,640
Speaker 4: Ohio to Florida in order to take a restaurant job, right.

492
00:21:44,920 --> 00:21:47,160
Speaker 7: I think that's where the mismatch occurs to him.

493
00:21:47,200 --> 00:21:49,119
Speaker 8: And when you look at it, there is one point

494
00:21:49,160 --> 00:21:52,399
Speaker 8: five jobs, But is it in your skill set? Is

495
00:21:52,440 --> 00:21:54,879
Speaker 8: it in your market? You know, we have this conversation

496
00:21:54,960 --> 00:21:57,040
Speaker 8: about skill or will. Do you have the skill to

497
00:21:57,040 --> 00:21:59,159
Speaker 8: do the job? Is it in your location or do

498
00:21:59,240 --> 00:22:02,120
Speaker 8: you have the will and desire to move towards it

499
00:22:02,240 --> 00:22:04,320
Speaker 8: or to maybe take a step down or learn a

500
00:22:04,359 --> 00:22:07,120
Speaker 8: new skill. So I think that's where we still continue

501
00:22:07,119 --> 00:22:10,960
Speaker 8: to find the disparity in those numbers. And as you know,

502
00:22:11,000 --> 00:22:15,240
Speaker 8: the population continues to move, it's still forcing employers to

503
00:22:15,240 --> 00:22:16,119
Speaker 8: be quite flexible.

504
00:22:17,640 --> 00:22:19,399
Speaker 2: All right, We're going to leave it on that note. Listen.

505
00:22:19,520 --> 00:22:20,639
Speaker 2: So good to catch up with you.

506
00:22:20,640 --> 00:22:24,480
Speaker 3: Have a great holiday weekend, so appreciate getting some time

507
00:22:24,520 --> 00:22:26,879
Speaker 3: with you. Amy Glazer's senior vice president of the staffing

508
00:22:26,880 --> 00:22:30,320
Speaker 3: and Recruiting Agency at Deco, joining us on zoom from Florida, So,

509
00:22:30,560 --> 00:22:33,200
Speaker 3: you know, a continued strength, you know, a little.

510
00:22:33,080 --> 00:22:34,879
Speaker 4: Later in our program, we're going to be talking with

511
00:22:35,440 --> 00:22:37,760
Speaker 4: the person who oversees all dining here. I'm going to

512
00:22:37,800 --> 00:22:39,880
Speaker 4: ask a lot about staffing and if they've been able

513
00:22:39,920 --> 00:22:41,560
Speaker 4: to get sufficient staffing here.

514
00:22:41,600 --> 00:22:43,600
Speaker 3: That's a really good point, right, I mean, because you

515
00:22:43,680 --> 00:22:45,280
Speaker 3: need a lot of people to make all this stuff happen.

516
00:22:45,320 --> 00:22:46,320
Speaker 4: It's expensive here too.

517
00:22:47,080 --> 00:22:50,680
Speaker 1: You're listening to the Bloomberg Business Week podcast. Catch us

518
00:22:50,680 --> 00:22:54,720
Speaker 1: live weekday afternoons from three to six Eastern on Bloomberg Radio,

519
00:22:54,920 --> 00:22:58,200
Speaker 1: the Bloomberg Business app and YouTube. You can also listen

520
00:22:58,280 --> 00:23:01,399
Speaker 1: live on Amazon Alexa from our flagship New York station

521
00:23:01,840 --> 00:23:04,600
Speaker 1: Just Say Alexa playing Bloomberg eleven thirty.

522
00:23:19,119 --> 00:23:21,880
Speaker 2: We are under an incredible blue guys right now.

523
00:23:21,920 --> 00:23:26,720
Speaker 4: Love to I know, I know, I know, such a loss, I.

524
00:23:26,720 --> 00:23:29,199
Speaker 3: Know, I know, but great music that we get to

525
00:23:29,200 --> 00:23:30,840
Speaker 3: share with I know I share with my younger daughter.

526
00:23:30,840 --> 00:23:31,800
Speaker 2: You're gonna share with your kids.

527
00:23:31,800 --> 00:23:33,840
Speaker 4: I bet we already are sharing Tom Patty and a

528
00:23:33,880 --> 00:23:36,280
Speaker 4: lot of music from back in the day with our kids.

529
00:23:36,960 --> 00:23:38,119
Speaker 4: Don't we've got a record player.

530
00:23:38,160 --> 00:23:41,240
Speaker 3: Don't play Oh my god, don't play Barney, guys, I mean,

531
00:23:41,920 --> 00:23:42,240
Speaker 3: we don't.

532
00:23:42,280 --> 00:23:43,920
Speaker 2: There's much better music to raise your kids on.

533
00:23:44,040 --> 00:23:46,679
Speaker 4: Sorry, Barney, Barney, Barney's not offended.

534
00:23:47,320 --> 00:23:48,960
Speaker 2: Hi, everyone, Welcome back to Bloomberg Business.

535
00:23:49,000 --> 00:23:52,200
Speaker 3: We Carol Master lawer Tim Stanovic on YouTube of course,

536
00:23:52,200 --> 00:23:55,040
Speaker 3: streaming on Bloomberg Originals and of course on Bloomberg Radio.

537
00:23:55,160 --> 00:23:58,399
Speaker 3: Here at the US Open, we want to talk about cryotherapy,

538
00:23:58,960 --> 00:24:04,080
Speaker 3: a mixed reality tennis game, Espresso, martiniz NFTs. They're all

539
00:24:04,080 --> 00:24:06,920
Speaker 3: here at the US Open courtesy of American Express, and

540
00:24:06,960 --> 00:24:09,919
Speaker 3: we've got Shisuzuki with US VP of Global Brand, Sponsorships

541
00:24:09,960 --> 00:24:13,080
Speaker 3: and Experiential Marketing at American Express, sitting right next to us.

542
00:24:13,600 --> 00:24:16,200
Speaker 2: Welcome, Welcome, thank you, thank you for having me, Thank

543
00:24:16,240 --> 00:24:17,879
Speaker 2: you for having us at your party.

544
00:24:19,480 --> 00:24:21,399
Speaker 5: It's a great place to be in this week.

545
00:24:21,480 --> 00:24:22,720
Speaker 2: Well, you know, it really is.

546
00:24:22,760 --> 00:24:24,680
Speaker 3: And Tim and I talk about this as we walk around.

547
00:24:25,359 --> 00:24:28,040
Speaker 3: You know, it really is an experience. It is absolutely

548
00:24:28,080 --> 00:24:31,400
Speaker 3: first and foremost about the folks, the incredible athletes, the matches,

549
00:24:31,800 --> 00:24:33,080
Speaker 3: but what you guys do at.

550
00:24:32,960 --> 00:24:35,240
Speaker 2: American Express really makes it a cool experience. How do

551
00:24:35,280 --> 00:24:36,680
Speaker 2: you think about the event every year now?

552
00:24:36,880 --> 00:24:40,360
Speaker 9: So it's so amazing, right And to your point, certainly

553
00:24:40,400 --> 00:24:44,439
Speaker 9: this is around world class athletes and the tennis, but

554
00:24:45,000 --> 00:24:46,679
Speaker 9: it is there's so much more to it than that

555
00:24:46,760 --> 00:24:47,120
Speaker 9: as well.

556
00:24:47,200 --> 00:24:47,600
Speaker 5: Right, it's a.

557
00:24:47,680 --> 00:24:50,480
Speaker 9: Music it's you know, they've got music, they've got food

558
00:24:50,520 --> 00:24:53,840
Speaker 9: and wine festival, they've got all sorts of things. And frankly,

559
00:24:53,880 --> 00:24:56,560
Speaker 9: for us at American Express, it is about that experience.

560
00:24:56,600 --> 00:24:59,959
Speaker 9: It's about making the experience here even better for our

561
00:25:00,080 --> 00:25:03,600
Speaker 9: card members and prospective card members, and so it's always

562
00:25:03,640 --> 00:25:06,840
Speaker 9: about that like holistic experience, I mean, you know, and

563
00:25:06,840 --> 00:25:08,480
Speaker 9: if we had to kind of summarize it up, we

564
00:25:08,600 --> 00:25:12,840
Speaker 9: start with access to the actual tickets themselves back.

565
00:25:12,680 --> 00:25:14,360
Speaker 2: In May and June, which I understand.

566
00:25:14,359 --> 00:25:16,320
Speaker 5: So that really quick, so very quickly.

567
00:25:16,359 --> 00:25:19,119
Speaker 9: It's a great early indicator how things are going to go,

568
00:25:19,240 --> 00:25:21,959
Speaker 9: and we offer that for card members. We come on

569
00:25:22,040 --> 00:25:25,520
Speaker 9: site and we do some really great things experientially. Irl.

570
00:25:25,880 --> 00:25:29,120
Speaker 9: We have a twenty thousand square foot fan experience over

571
00:25:29,160 --> 00:25:31,640
Speaker 9: by the East Gate, and then we've got some other

572
00:25:31,680 --> 00:25:34,639
Speaker 9: fun things as well. Whether that be in terms of

573
00:25:35,000 --> 00:25:38,440
Speaker 9: you know, great offers or you know other things. So yeah,

574
00:25:38,480 --> 00:25:40,240
Speaker 9: it's a holistic experience.

575
00:25:40,440 --> 00:25:43,199
Speaker 4: So she's I mean, no question, American Express, this is

576
00:25:43,200 --> 00:25:45,639
Speaker 4: an important event to American Express. It's thirty years at

577
00:25:45,640 --> 00:25:49,320
Speaker 4: the US Open. Obviously everybody knows American Express spends a

578
00:25:49,359 --> 00:25:52,600
Speaker 4: lot of money on this event. But draw the line

579
00:25:52,920 --> 00:25:56,119
Speaker 4: from spending money here to getting more people signing up

580
00:25:56,119 --> 00:25:57,000
Speaker 4: for platinum cards.

581
00:25:57,200 --> 00:25:57,800
Speaker 5: Yeah.

582
00:25:58,160 --> 00:26:00,480
Speaker 9: I mean, at the end of the day, right, why

583
00:26:00,560 --> 00:26:03,520
Speaker 9: does any brand invest in sponsorships or partnerships at all?

584
00:26:04,359 --> 00:26:08,160
Speaker 9: I think at the very basic level, right, it's really

585
00:26:08,200 --> 00:26:12,800
Speaker 9: about building relationships. It's building relationships with your customer base

586
00:26:12,880 --> 00:26:16,159
Speaker 9: of today customer and the customer base of tomorrow, so

587
00:26:16,200 --> 00:26:19,760
Speaker 9: your prospective customers as well. And so for us, the

588
00:26:19,800 --> 00:26:22,639
Speaker 9: investments that we make in a partnership, certainly like the

589
00:26:22,760 --> 00:26:26,480
Speaker 9: USTA and the US Open or any other sport, music,

590
00:26:26,880 --> 00:26:28,600
Speaker 9: you know, the things that we invest in it is

591
00:26:28,640 --> 00:26:31,000
Speaker 9: about that. It is about being where our card members are,

592
00:26:31,040 --> 00:26:34,399
Speaker 9: where we think our prospective card members will be, and

593
00:26:34,440 --> 00:26:37,680
Speaker 9: then bringing those benefits and really unique experiences to life,

594
00:26:37,720 --> 00:26:40,320
Speaker 9: because at the end of the day, we want people

595
00:26:40,320 --> 00:26:44,159
Speaker 9: to walk away saying gosh, like It was a great experience,

596
00:26:44,160 --> 00:26:47,200
Speaker 9: but it was made even better because of right American

597
00:26:47,240 --> 00:26:49,920
Speaker 9: Express in that moment or that thing or other.

598
00:26:50,000 --> 00:26:51,080
Speaker 2: Well, full transparency.

599
00:26:51,119 --> 00:26:54,840
Speaker 3: You get two AMEX members, Right, that's me than over

600
00:26:54,880 --> 00:26:55,520
Speaker 3: thirty years.

601
00:26:55,560 --> 00:26:57,359
Speaker 2: I got it, like I think my last year senior

602
00:26:57,400 --> 00:26:59,040
Speaker 2: year in college. I don't know when you got yours.

603
00:26:59,119 --> 00:27:00,639
Speaker 4: I got it in college.

604
00:27:01,040 --> 00:27:04,520
Speaker 3: And you know what's interesting is I think about the

605
00:27:04,560 --> 00:27:07,080
Speaker 3: benefits and there's a lot of reasons why. I know

606
00:27:07,119 --> 00:27:09,480
Speaker 3: it works for certainly our family, But I think about

607
00:27:09,480 --> 00:27:12,639
Speaker 3: the pandemic, right, certainly impacted what you guys offered in

608
00:27:12,720 --> 00:27:15,480
Speaker 3: terms of services because nobody was traveling, nobody was doing things.

609
00:27:15,640 --> 00:27:18,359
Speaker 3: How do you think about coming off the pandemic, but

610
00:27:18,440 --> 00:27:21,240
Speaker 3: here we are again experiencing things. How do you continue

611
00:27:21,280 --> 00:27:24,359
Speaker 3: to involve services that maybe you offer here, but it

612
00:27:24,400 --> 00:27:26,719
Speaker 3: becomes a much bigger, broader thing a part of what

613
00:27:26,760 --> 00:27:27,360
Speaker 3: you guys.

614
00:27:27,160 --> 00:27:29,080
Speaker 9: Do, and I mean for us, right, we have so

615
00:27:29,200 --> 00:27:32,400
Speaker 9: many types of benefits, certainly even from a sponsorship's perspective

616
00:27:32,400 --> 00:27:35,879
Speaker 9: of what I work on. We have incredible events all

617
00:27:35,920 --> 00:27:37,840
Speaker 9: around the globe. In fact, July, we just came back

618
00:27:37,840 --> 00:27:40,639
Speaker 9: from Wimbledon, right, so we're at that Grand Slam as well,

619
00:27:41,080 --> 00:27:44,919
Speaker 9: we're in all sorts of music festivals, Coachella, American Express Presents, BSD,

620
00:27:45,080 --> 00:27:48,239
Speaker 9: Hyde Park too, you know, all sorts of things, and

621
00:27:48,280 --> 00:27:50,560
Speaker 9: so every single one of those we I mean, we

622
00:27:50,600 --> 00:27:53,040
Speaker 9: look at what is the fan base, what's the true

623
00:27:53,040 --> 00:27:55,160
Speaker 9: authentic way to show up in a way to make

624
00:27:55,200 --> 00:27:56,600
Speaker 9: that fans experience better.

625
00:27:56,760 --> 00:27:57,720
Speaker 5: That's that's the key.

626
00:27:58,600 --> 00:28:00,520
Speaker 9: It can't just be from an amateur point of view,

627
00:28:00,640 --> 00:28:04,120
Speaker 9: has to be from that fan centric view. And then

628
00:28:04,200 --> 00:28:05,720
Speaker 9: bringing those things to life.

629
00:28:06,200 --> 00:28:07,640
Speaker 3: What do you guys do though with like I think

630
00:28:07,680 --> 00:28:09,439
Speaker 3: like a Taylor Swift concert which we tried to get

631
00:28:09,480 --> 00:28:11,879
Speaker 3: tickets like, or so like a concert that's so popular

632
00:28:12,240 --> 00:28:16,119
Speaker 3: and you know, you see it early access love using it,

633
00:28:16,200 --> 00:28:18,000
Speaker 3: but sometimes it's just over like.

634
00:28:18,000 --> 00:28:19,320
Speaker 4: Yeah, it's you.

635
00:28:19,560 --> 00:28:20,520
Speaker 3: Is that enough?

636
00:28:21,880 --> 00:28:24,000
Speaker 2: And I'm sure you. Yeah, They're coming up and saying

637
00:28:24,040 --> 00:28:25,640
Speaker 2: I've been with you for this many years, like how

638
00:28:25,640 --> 00:28:27,760
Speaker 2: do you? How do you deal with that stuff?

639
00:28:27,800 --> 00:28:30,400
Speaker 9: I mean, listen, So, I when we think about our

640
00:28:30,440 --> 00:28:33,040
Speaker 9: investments with music, it's really i'll call it a three

641
00:28:33,160 --> 00:28:36,359
Speaker 9: sixty approach. So an artist like Ed Sheeran somebody who

642
00:28:36,400 --> 00:28:39,320
Speaker 9: we've also worked with, right, so we've done certainly like

643
00:28:39,360 --> 00:28:42,040
Speaker 9: the pre sell ticket access but then it's about things

644
00:28:42,080 --> 00:28:44,440
Speaker 9: like pop up experiences in various cities. I don't know

645
00:28:44,440 --> 00:28:47,160
Speaker 9: if you remember, at the very start of his tour

646
00:28:47,240 --> 00:28:50,160
Speaker 9: earlier this summer, there were a couple of cities where

647
00:28:50,200 --> 00:28:52,080
Speaker 9: we had these pop up experiences and guess what he

648
00:28:52,240 --> 00:28:53,320
Speaker 9: actually popped.

649
00:28:53,040 --> 00:28:53,600
Speaker 5: Up with them.

650
00:28:54,160 --> 00:28:56,440
Speaker 9: He did, like a pop up concert here in New York.

651
00:28:56,480 --> 00:28:57,920
Speaker 9: For the New York one, he did a pop up

652
00:28:57,960 --> 00:29:02,160
Speaker 9: concert acoustic guitar in the middle of Soho, totally unplanned

653
00:29:02,200 --> 00:29:04,400
Speaker 9: by the way, we shut down the street. It was incredible,

654
00:29:04,400 --> 00:29:06,600
Speaker 9: it was all over social went viral, and guess what

655
00:29:06,640 --> 00:29:09,560
Speaker 9: he personally loved it so much. He did in Dallas,

656
00:29:09,720 --> 00:29:12,040
Speaker 9: La went on and on, and then if you think

657
00:29:12,080 --> 00:29:14,800
Speaker 9: about the length of the tour and other things, guess what.

658
00:29:14,960 --> 00:29:17,400
Speaker 9: It's the things that he's passionate about. We co create

659
00:29:17,440 --> 00:29:21,320
Speaker 9: things with the artist, maybe fan centricity in mind, and

660
00:29:21,360 --> 00:29:24,480
Speaker 9: that's it, right, That authenticity I think carries through for fans.

661
00:29:24,560 --> 00:29:27,560
Speaker 4: There's also this balance though, when it comes to these experiences.

662
00:29:27,960 --> 00:29:30,320
Speaker 4: You want people to be able to access them, yes,

663
00:29:30,600 --> 00:29:34,400
Speaker 4: but you don't want too many people there, and you

664
00:29:34,440 --> 00:29:38,080
Speaker 4: mean the exclusivity parton exclusivity part, and we're seeing this

665
00:29:38,120 --> 00:29:39,560
Speaker 4: play out and I know this is not your purview

666
00:29:39,560 --> 00:29:41,280
Speaker 4: at annex where we're seeing this play out in airports

667
00:29:41,280 --> 00:29:43,560
Speaker 4: all over the country. Absolutely, with the changing rules around

668
00:29:43,600 --> 00:29:47,000
Speaker 4: airport lounges because they're just overrun with people post pandemic.

669
00:29:47,000 --> 00:29:48,960
Speaker 4: Given our demand to get out there, given our demand

670
00:29:49,040 --> 00:29:51,040
Speaker 4: to travel, how do you balance it?

671
00:29:51,240 --> 00:29:54,160
Speaker 9: Yeah, I mean well, I think this event is a

672
00:29:54,200 --> 00:29:57,360
Speaker 9: really great example of that we've got something for everyone, right,

673
00:29:57,360 --> 00:30:00,000
Speaker 9: We've got experiences like at the Fan Experience, the first

674
00:30:00,000 --> 00:30:02,640
Speaker 9: floor is completely dedicated to all fans, right, so the

675
00:30:02,680 --> 00:30:06,560
Speaker 9: glow tennis, the cryo fac you don't have to be

676
00:30:08,280 --> 00:30:11,600
Speaker 9: it's incredible, right Like, listen, like you think that that.

677
00:30:11,880 --> 00:30:15,760
Speaker 9: Listen like elite athletes, right, Like they use that for

678
00:30:15,840 --> 00:30:18,720
Speaker 9: their recovery. Well, guess what we are elite athletes. The

679
00:30:18,800 --> 00:30:21,000
Speaker 9: duration of the US Open tennis as well. And by

680
00:30:21,000 --> 00:30:22,400
Speaker 9: the way, I get the question like can I do

681
00:30:22,440 --> 00:30:23,200
Speaker 9: it over my makeup?

682
00:30:23,360 --> 00:30:23,640
Speaker 5: Yes?

683
00:30:24,280 --> 00:30:25,280
Speaker 9: Yes, it won't mess up your.

684
00:30:26,800 --> 00:30:29,520
Speaker 2: Now I'm like, so, just so can anybody walk in?

685
00:30:29,880 --> 00:30:30,800
Speaker 9: Anybody can walk in?

686
00:30:30,880 --> 00:30:31,000
Speaker 5: Now?

687
00:30:31,040 --> 00:30:33,000
Speaker 9: The second floor you ask about kind of like the

688
00:30:33,040 --> 00:30:36,040
Speaker 9: benefits right at different levels. You know, the upstairs is

689
00:30:36,040 --> 00:30:39,640
Speaker 9: for any card member, and then you get exclusives access

690
00:30:39,680 --> 00:30:44,600
Speaker 9: to things like the Lavazza espresso martini or the frozen

691
00:30:44,680 --> 00:30:45,440
Speaker 9: honey doo.

692
00:30:49,240 --> 00:30:50,120
Speaker 5: Right, so there's different.

693
00:30:50,320 --> 00:30:53,760
Speaker 9: And then if you think about Platinum or Centurion card members,

694
00:30:53,760 --> 00:30:56,520
Speaker 9: we have the Centurion Lounge and so that's a separate

695
00:30:56,600 --> 00:30:57,880
Speaker 9: area right again like.

696
00:30:58,600 --> 00:31:01,040
Speaker 4: Platinum, but you're definitely not sent do you know, just

697
00:31:01,080 --> 00:31:02,760
Speaker 4: so you know, because you wouldn't be sitting here with me.

698
00:31:02,920 --> 00:31:03,680
Speaker 4: You're a Centerian.

699
00:31:04,720 --> 00:31:05,560
Speaker 5: We can hook you up.

700
00:31:06,440 --> 00:31:09,080
Speaker 2: How do we get you in there? I know people,

701
00:31:09,240 --> 00:31:11,120
Speaker 2: I know people, No, but it's really cool.

702
00:31:11,120 --> 00:31:13,160
Speaker 3: Like I was thinking about the list we've said mixed

703
00:31:13,160 --> 00:31:14,280
Speaker 3: reality tennis GAMEE.

704
00:31:14,520 --> 00:31:16,800
Speaker 2: We talked about NFTs. Are you guys really selling NFTs?

705
00:31:16,840 --> 00:31:17,960
Speaker 9: Well, we're not selling them at all.

706
00:31:18,080 --> 00:31:18,160
Speaker 5: No.

707
00:31:18,280 --> 00:31:21,800
Speaker 9: Again, so actually the first floor the fan experience, and

708
00:31:21,880 --> 00:31:24,400
Speaker 9: so it comes in the form of like a digital collectible. Okay,

709
00:31:24,400 --> 00:31:27,280
Speaker 9: but like so there's one there, there's another somewhere else

710
00:31:27,320 --> 00:31:30,160
Speaker 9: here on the grounds. The more you collect, the more

711
00:31:30,400 --> 00:31:33,800
Speaker 9: offers and benefits it unlocks. And so you could be

712
00:31:34,000 --> 00:31:36,120
Speaker 9: a non card member and still collect them. If you're

713
00:31:36,120 --> 00:31:39,440
Speaker 9: a card member, it actually unlocks more benefits for you.

714
00:31:40,040 --> 00:31:42,840
Speaker 9: So there's some discounts and you know what.

715
00:31:42,720 --> 00:31:45,640
Speaker 4: You have, what card you have I've heard that before.

716
00:31:45,280 --> 00:31:47,600
Speaker 4: Are people you know, we talked though, you know at

717
00:31:47,640 --> 00:31:49,760
Speaker 4: the you know, with the with the crypto winter and

718
00:31:49,800 --> 00:31:54,360
Speaker 4: with the prices of cryptocurrencies coming down from all time

719
00:31:54,440 --> 00:31:56,520
Speaker 4: highs over the last couple of years, the interest in

720
00:31:56,640 --> 00:31:58,520
Speaker 4: NFTs is not what it was two years ago. Are

721
00:31:58,560 --> 00:31:59,840
Speaker 4: you still seeing adoption of this?

722
00:32:00,280 --> 00:32:02,800
Speaker 9: I think that those I think there is interest right,

723
00:32:02,840 --> 00:32:07,640
Speaker 9: and so I think there's you know, the creative behind

724
00:32:07,680 --> 00:32:10,520
Speaker 9: the actual collectible as well. There's a story to be

725
00:32:10,640 --> 00:32:12,960
Speaker 9: told there, there's a connection that we have. There's that,

726
00:32:13,080 --> 00:32:15,560
Speaker 9: and then there's a mural that all fans can also

727
00:32:15,600 --> 00:32:18,720
Speaker 9: participate in curating. So there's some connective dissue there. So

728
00:32:19,200 --> 00:32:21,000
Speaker 9: a lot of people love the art part of it.

729
00:32:21,200 --> 00:32:23,400
Speaker 9: But for us, I think there's something interesting, right because

730
00:32:23,640 --> 00:32:26,240
Speaker 9: as we think about again giving benefits and others to

731
00:32:26,320 --> 00:32:29,040
Speaker 9: card members, that connective tie back to So it's not

732
00:32:29,240 --> 00:32:31,440
Speaker 9: just about the collectible. If you're a card member, it

733
00:32:31,520 --> 00:32:33,760
Speaker 9: unlocks something for you more benefits.

734
00:32:33,880 --> 00:32:35,920
Speaker 3: Is it more competitive than ever when it comes to

735
00:32:35,960 --> 00:32:39,400
Speaker 3: having a card? I just think about the growth of cards.

736
00:32:39,280 --> 00:32:41,520
Speaker 4: The I mean it's competitive here. You have a competitor

737
00:32:41,560 --> 00:32:43,560
Speaker 4: here that's a sponsor with their own lounge Yeah.

738
00:32:43,360 --> 00:32:45,560
Speaker 9: They have their own lounge. I mean, listen, for us,

739
00:32:45,640 --> 00:32:47,800
Speaker 9: it's three sixty. I don't think you can walk very far.

740
00:32:47,920 --> 00:32:48,040
Speaker 2: Right.

741
00:32:48,080 --> 00:32:51,280
Speaker 9: Even the shopping bags have Amex on it. Every point

742
00:32:51,320 --> 00:32:53,960
Speaker 9: of sale has Amex on We have this Amex shop right.

743
00:32:53,840 --> 00:32:56,200
Speaker 2: Over here there. Exclusive merchandise we do.

744
00:32:56,280 --> 00:32:59,520
Speaker 9: We have exclusive merchandise both in the Amex shop as

745
00:32:59,560 --> 00:33:01,600
Speaker 9: well as in that car member lounge. We have a

746
00:33:01,600 --> 00:33:04,520
Speaker 9: partnership with Ralph Lauren and so you can get exclusive

747
00:33:04,600 --> 00:33:07,800
Speaker 9: customized merchandise from there that you can do right there,

748
00:33:07,880 --> 00:33:08,440
Speaker 9: purchase it.

749
00:33:08,560 --> 00:33:10,719
Speaker 2: I've seen it. I've been like it, you've done it before.

750
00:33:10,840 --> 00:33:13,320
Speaker 3: We have, and it's really cool and it's like you

751
00:33:13,360 --> 00:33:15,480
Speaker 3: see people just going in and doing it. I want

752
00:33:15,480 --> 00:33:17,080
Speaker 3: to go back to something Tim said, and I think

753
00:33:17,120 --> 00:33:20,240
Speaker 3: it asked or was thinking about, is just you do

754
00:33:20,320 --> 00:33:24,280
Speaker 3: this And obviously you guys choose sponsorships because in some

755
00:33:24,360 --> 00:33:26,280
Speaker 3: ways it's got to move the needle right or you

756
00:33:26,320 --> 00:33:29,840
Speaker 3: bring in new card members. Yes, what do you see

757
00:33:30,000 --> 00:33:32,160
Speaker 3: as a jump or boost? And I realized you can't

758
00:33:32,160 --> 00:33:35,480
Speaker 3: probably share everything, but what kind of gains do you

759
00:33:35,520 --> 00:33:36,680
Speaker 3: get games of card members?

760
00:33:36,760 --> 00:33:36,880
Speaker 5: Now?

761
00:33:36,920 --> 00:33:39,280
Speaker 9: Absolutely, I think just again going back to that high

762
00:33:39,360 --> 00:33:43,520
Speaker 9: level of building relationships right, building those connections. We do

763
00:33:43,640 --> 00:33:46,280
Speaker 9: see that for card members when they come out to

764
00:33:46,320 --> 00:33:49,520
Speaker 9: one of our experiences, they are more likely they're more

765
00:33:49,560 --> 00:33:52,160
Speaker 9: loyal and they're more engaged with our brand, which is great.

766
00:33:52,600 --> 00:33:54,920
Speaker 9: And then for prospects or people who are not car

767
00:33:55,000 --> 00:33:57,719
Speaker 9: members today, when they come out to experience us, they

768
00:33:57,760 --> 00:34:00,479
Speaker 9: are more likely to sign up for us with us

769
00:34:00,600 --> 00:34:02,640
Speaker 9: right as a card member. And at the end of

770
00:34:02,680 --> 00:34:05,640
Speaker 9: the day, it's that, right, you want better loyalty and

771
00:34:05,760 --> 00:34:08,640
Speaker 9: more right, more love from the customer base you have today,

772
00:34:09,120 --> 00:34:12,200
Speaker 9: and then you want your prospective customers to be, you know,

773
00:34:12,480 --> 00:34:15,120
Speaker 9: more willing to sign up with you. I mean, that's it.

774
00:34:15,200 --> 00:34:16,640
Speaker 3: But you're not going to give us a number, I know,

775
00:34:16,760 --> 00:34:18,839
Speaker 3: but you sign up a ton of people we do.

776
00:34:19,200 --> 00:34:21,040
Speaker 3: You know what how people who are like, how would

777
00:34:21,040 --> 00:34:21,640
Speaker 3: you quantify?

778
00:34:21,760 --> 00:34:23,319
Speaker 2: Yeah, if you can't give us a well, you know what,

779
00:34:23,360 --> 00:34:23,759
Speaker 2: how about this?

780
00:34:23,800 --> 00:34:24,600
Speaker 9: How about a trend?

781
00:34:24,680 --> 00:34:24,799
Speaker 6: Right?

782
00:34:25,040 --> 00:34:28,520
Speaker 9: We're talking about NFTs and other and or right like

783
00:34:28,560 --> 00:34:31,359
Speaker 9: the like the types of like even music relationships, right,

784
00:34:31,440 --> 00:34:33,680
Speaker 9: like when I talk about like a Ed Sheeran or

785
00:34:33,680 --> 00:34:36,319
Speaker 9: a Jack Harlow or actually we just announced to pop

786
00:34:36,400 --> 00:34:38,480
Speaker 9: up next week with Olivia Rodrigue. I mean that starts

787
00:34:38,520 --> 00:34:41,080
Speaker 9: to point to a certain demographic, right, and so I

788
00:34:41,120 --> 00:34:43,920
Speaker 9: would say that our millennial and gen Z customer base

789
00:34:44,280 --> 00:34:47,840
Speaker 9: that is the fastest growing like segment for us in

790
00:34:47,920 --> 00:34:50,680
Speaker 9: terms of consumer cards acquired, and that was I think

791
00:34:50,680 --> 00:34:52,640
Speaker 9: we just publicly announced that in Q two as well.

792
00:34:53,120 --> 00:34:54,719
Speaker 9: And so when you think about that, right, staying ahead

793
00:34:54,719 --> 00:34:57,160
Speaker 9: of those again, staying ahead of your trends, right, getting

794
00:34:57,160 --> 00:34:59,600
Speaker 9: in there early, you know, from a brand level, just

795
00:34:59,640 --> 00:35:01,920
Speaker 9: making sure that people, Yeah.

796
00:35:03,320 --> 00:35:05,880
Speaker 4: Go ahead on that. You want to talk about Jack Carlow,

797
00:35:09,239 --> 00:35:09,480
Speaker 4: But my.

798
00:35:09,520 --> 00:35:11,520
Speaker 2: Daughter who's twenty, I mean her first.

799
00:35:11,280 --> 00:35:15,839
Speaker 4: Card wasn't just loved to hear Jack Carlow is too, Pah,

800
00:35:16,920 --> 00:35:20,040
Speaker 4: She's let's say, you know, it's getting to the end

801
00:35:20,040 --> 00:35:22,879
Speaker 4: of the year, you're sitting down with your manager. How

802
00:35:22,880 --> 00:35:24,800
Speaker 4: do you prove that this was a successful event?

803
00:35:25,080 --> 00:35:26,839
Speaker 9: Yeah, I mean at the end of the day, there's

804
00:35:27,040 --> 00:35:29,120
Speaker 9: it's I mean, we do. We have a lot of data,

805
00:35:29,960 --> 00:35:32,400
Speaker 9: and so in terms of everything from right the number

806
00:35:32,520 --> 00:35:35,359
Speaker 9: number of people that have come by to engage with us,

807
00:35:35,600 --> 00:35:37,600
Speaker 9: it's some of those data points that I mentioned about

808
00:35:37,640 --> 00:35:40,920
Speaker 9: existing card members and prospective card members. In what that

809
00:35:41,040 --> 00:35:44,120
Speaker 9: starts to look like, we do a big comparison against right,

810
00:35:44,200 --> 00:35:47,000
Speaker 9: This is certainly an incredible, huge event that we invest in,

811
00:35:47,040 --> 00:35:49,920
Speaker 9: but we're everywhere else do right US Open Golf, NBA,

812
00:35:50,200 --> 00:35:52,719
Speaker 9: w NBA, all the music and festivals at things that

813
00:35:52,719 --> 00:35:55,160
Speaker 9: we've talked about. So yeah, it's about looking at that

814
00:35:55,320 --> 00:35:57,400
Speaker 9: have we surpassed last year's goals? Have we hit the

815
00:35:57,440 --> 00:35:58,719
Speaker 9: goals that we thought we were going to hit?

816
00:35:59,360 --> 00:35:59,600
Speaker 5: She says.

817
00:35:59,640 --> 00:36:01,239
Speaker 3: You know what thing I do think about because you

818
00:36:01,280 --> 00:36:04,279
Speaker 3: do have you know, the Green card, you have the

819
00:36:04,280 --> 00:36:05,839
Speaker 3: Gold card, you have the platinum, and then you go,

820
00:36:06,000 --> 00:36:08,680
Speaker 3: you know the card that I don't have, according to Tim,

821
00:36:08,800 --> 00:36:10,080
Speaker 3: and I don't.

822
00:36:09,880 --> 00:36:13,040
Speaker 2: Know what what do you stuff?

823
00:36:14,800 --> 00:36:15,200
Speaker 5: All right?

824
00:36:15,760 --> 00:36:18,360
Speaker 3: What I'm wondering is do you think about different events

825
00:36:18,560 --> 00:36:21,920
Speaker 3: events to kind of grow a specific card or is

826
00:36:21,920 --> 00:36:24,120
Speaker 3: it just you think about the whole business.

827
00:36:24,320 --> 00:36:28,120
Speaker 9: So for us, we are actually within the global brand organization,

828
00:36:28,239 --> 00:36:31,759
Speaker 9: So I think about the AMEX the brand globally and

829
00:36:31,800 --> 00:36:33,680
Speaker 9: so that's why I mentioned like Wimbledon and some of

830
00:36:33,719 --> 00:36:36,080
Speaker 9: the other events as well that we have around the world.

831
00:36:36,800 --> 00:36:38,880
Speaker 9: And then we have other product marketing teams that do

832
00:36:39,040 --> 00:36:41,440
Speaker 9: target and so if you think about things like we

833
00:36:41,520 --> 00:36:44,320
Speaker 9: have like by imitation only and some other like really

834
00:36:44,560 --> 00:36:46,960
Speaker 9: you know targeted, I would call it experiences that are

835
00:36:47,000 --> 00:36:50,279
Speaker 9: out there, and so yeah, it just depends on you know,

836
00:36:50,320 --> 00:36:52,360
Speaker 9: what that marketing plan might be across the board.

837
00:36:52,360 --> 00:36:54,279
Speaker 2: But like going after call it like my first card

838
00:36:54,280 --> 00:36:55,680
Speaker 2: was a green card. I don't know what your first.

839
00:36:56,040 --> 00:36:57,720
Speaker 3: Yeah, like I was, you know, as a college senior,

840
00:36:57,760 --> 00:37:00,759
Speaker 3: and you guys run campuses and stuff, so interesting, so

841
00:37:00,760 --> 00:37:02,760
Speaker 3: I'm just curious about like how you target it that way.

842
00:37:02,920 --> 00:37:06,319
Speaker 4: So the card member experience is certainly part of it,

843
00:37:06,360 --> 00:37:08,960
Speaker 4: but your presence here is also for clients, and there's

844
00:37:09,000 --> 00:37:12,279
Speaker 4: an entirely different side to American Express. Talk to me

845
00:37:12,280 --> 00:37:14,480
Speaker 4: about what happens behind the scenes in the box at

846
00:37:14,560 --> 00:37:16,839
Speaker 4: night and who you're entertaining and what goes on there.

847
00:37:16,960 --> 00:37:17,640
Speaker 2: Yeah, I mean.

848
00:37:17,520 --> 00:37:20,239
Speaker 9: It's pretty much simply like B to B hosting is

849
00:37:20,280 --> 00:37:22,520
Speaker 9: what I would call it in the most traditional sense.

850
00:37:22,560 --> 00:37:24,799
Speaker 9: But yeah, we do have a couple suites here. It's

851
00:37:24,840 --> 00:37:27,880
Speaker 9: incredible hosting, right and so you know, whether that be

852
00:37:27,960 --> 00:37:29,640
Speaker 9: for the day or the night session or other, it

853
00:37:29,680 --> 00:37:32,239
Speaker 9: gives you such a really incredible opportunity to just to

854
00:37:32,800 --> 00:37:35,640
Speaker 9: have time with your partners or perspective partners. And so

855
00:37:36,040 --> 00:37:38,440
Speaker 9: you know, everything that I've said on the consumer side

856
00:37:38,480 --> 00:37:41,000
Speaker 9: that still applies for the business side as well.

857
00:37:41,080 --> 00:37:43,279
Speaker 2: Can we And I'd love to wrap up with if

858
00:37:43,280 --> 00:37:44,120
Speaker 2: we can break.

859
00:37:43,880 --> 00:37:46,120
Speaker 3: The love Oh can you talk about this because I

860
00:37:46,120 --> 00:37:48,640
Speaker 3: think this is about access in anyway it is.

861
00:37:48,800 --> 00:37:51,080
Speaker 9: I mean, you know, the factoid there is that since

862
00:37:51,120 --> 00:37:55,000
Speaker 9: twenty twenty in the US tennis players have actually increased

863
00:37:55,000 --> 00:37:57,440
Speaker 9: by thirty three percent. And so when we started to

864
00:37:57,440 --> 00:37:57,759
Speaker 9: look at.

865
00:37:57,680 --> 00:37:59,840
Speaker 3: Those blows my mind a little bit, right, because everybody

866
00:37:59,880 --> 00:38:01,359
Speaker 3: was worried. I feel like, you know, oh my god,

867
00:38:01,480 --> 00:38:02,440
Speaker 3: where's the next generation?

868
00:38:02,960 --> 00:38:04,799
Speaker 9: And then also like if you think about at one point,

869
00:38:04,880 --> 00:38:06,719
Speaker 9: right they were like, oh, is it a COVID thing?

870
00:38:06,719 --> 00:38:09,200
Speaker 9: But actually no, it keeps growing. It's for three years

871
00:38:09,239 --> 00:38:11,719
Speaker 9: in a row. And then if you kind of stuck

872
00:38:11,800 --> 00:38:13,600
Speaker 9: on top of that, if you're in New York a right,

873
00:38:13,680 --> 00:38:15,759
Speaker 9: like sometimes it's harder to find a place to go

874
00:38:15,800 --> 00:38:18,400
Speaker 9: where you don't know where to go other and so

875
00:38:18,520 --> 00:38:22,840
Speaker 9: break the Law incredible platform. And it's also you know,

876
00:38:22,840 --> 00:38:24,560
Speaker 9: we would call it us We would consider a small

877
00:38:24,600 --> 00:38:27,920
Speaker 9: business diverse female owned, which is really incredible to support.

878
00:38:28,400 --> 00:38:31,120
Speaker 9: And they have a collective of all sorts of tennis

879
00:38:31,160 --> 00:38:34,279
Speaker 9: reservations that you can make like in all in many

880
00:38:34,320 --> 00:38:37,120
Speaker 9: demographics for US, we focused on New York again because

881
00:38:37,120 --> 00:38:39,680
Speaker 9: the US Open is here, But we have ten thousand

882
00:38:39,719 --> 00:38:43,160
Speaker 9: reservations on hold for card members for free. So for

883
00:38:43,600 --> 00:38:45,759
Speaker 9: a set month, we've got that available for all of

884
00:38:45,760 --> 00:38:47,919
Speaker 9: our card members. This our second year in a row.

885
00:38:48,400 --> 00:38:50,279
Speaker 9: Last year it was just, you know, it was like, hey,

886
00:38:50,280 --> 00:38:52,680
Speaker 9: we've got spots reserved for you. And what we learned

887
00:38:52,719 --> 00:38:55,239
Speaker 9: through that is people didn't want just the spots. They

888
00:38:55,280 --> 00:38:57,560
Speaker 9: wanted to take classes. They wanted to like take part

889
00:38:57,560 --> 00:38:59,680
Speaker 9: in things to make their tennis game better. So this

890
00:38:59,800 --> 00:39:01,759
Speaker 9: year we brought that on and so everything from like

891
00:39:01,800 --> 00:39:05,760
Speaker 9: a Wilson tennis racket fitting to like having classes and others.

892
00:39:05,760 --> 00:39:08,200
Speaker 9: So or if you just want to come play tennis,

893
00:39:08,280 --> 00:39:09,600
Speaker 9: we want you there as well.

894
00:39:09,760 --> 00:39:13,319
Speaker 4: So okay, five seconds. Yeah, your favorite event that you

895
00:39:13,360 --> 00:39:17,360
Speaker 4: do year round? Oh gosh, you can have favorite kids.

896
00:39:17,600 --> 00:39:20,160
Speaker 9: I mean thirty years. There's a reason why we're here.

897
00:39:20,640 --> 00:39:22,200
Speaker 9: This is like homecoming for MX.

898
00:39:22,239 --> 00:39:24,439
Speaker 2: I think, oh, that's a nice way I'm saying it. Hey, listen,

899
00:39:24,480 --> 00:39:25,240
Speaker 2: do you play tennis?

900
00:39:25,480 --> 00:39:29,080
Speaker 3: I don't, okay, and I don't play, but I love

901
00:39:29,120 --> 00:39:29,520
Speaker 3: the game.

902
00:39:29,640 --> 00:39:30,319
Speaker 2: I love the game.

903
00:39:30,480 --> 00:39:32,200
Speaker 4: I'm out here when the US Open is not going

904
00:39:32,239 --> 00:39:32,839
Speaker 4: on to play here.

905
00:39:34,440 --> 00:39:36,320
Speaker 2: She's thank you so much, be well, good luck with everything.

906
00:39:36,440 --> 00:39:37,080
Speaker 2: She's a Zuki.

907
00:39:37,160 --> 00:39:40,040
Speaker 3: She's VP of Global Brand Sponsorships and Experiential Marketing in

908
00:39:40,080 --> 00:39:40,759
Speaker 3: America's press.

909
00:39:40,840 --> 00:39:42,480
Speaker 2: Right here at the US.

910
00:39:42,400 --> 00:39:46,680
Speaker 1: Open, you're listening to the Bloomberg Business Week podcast. Catch

911
00:39:46,760 --> 00:39:50,120
Speaker 1: us Live weekday afternoons from three to six Eastern Listen

912
00:39:50,160 --> 00:39:53,640
Speaker 1: on Bloomberg dot com, the iHeartRadio app and the Bloomberg

913
00:39:53,680 --> 00:39:58,400
Speaker 1: Business app, or want us Live on YouTube.

914
00:39:59,320 --> 00:40:01,160
Speaker 3: You know, it's interesting is so much of what we

915
00:40:01,200 --> 00:40:02,919
Speaker 3: see on the courts here at the US Open often

916
00:40:02,960 --> 00:40:06,360
Speaker 3: look yeah, full of strength and athleticism, at many times

917
00:40:06,400 --> 00:40:09,200
Speaker 3: so effortless and graceful. But you know, you have seen

918
00:40:09,280 --> 00:40:13,120
Speaker 3: players who definitely get hurt, and we've definitely seen that, tim.

919
00:40:13,040 --> 00:40:16,080
Speaker 4: Yeah, we have. We actually even saw several players retire

920
00:40:16,160 --> 00:40:18,000
Speaker 4: early this year as a result of injuries that they

921
00:40:18,080 --> 00:40:19,680
Speaker 4: experienced during huge matches.

922
00:40:19,719 --> 00:40:22,359
Speaker 3: There's some extreme stresses and strains, and so someone who

923
00:40:22,400 --> 00:40:25,840
Speaker 3: has been working with athletes, many many others in general,

924
00:40:25,920 --> 00:40:28,000
Speaker 3: including me when it comes to our feet, is doctor

925
00:40:28,040 --> 00:40:30,440
Speaker 3: Rock Positano. He has been on the staff at the

926
00:40:30,440 --> 00:40:32,759
Speaker 3: Hospital for Special Surgery for more than thirty years. He's

927
00:40:32,840 --> 00:40:36,520
Speaker 3: director of the Joe DiMaggio Non surgical foot service excuse

928
00:40:36,560 --> 00:40:40,040
Speaker 3: me at the Hospital for Special Surgery. He's also an author.

929
00:40:40,080 --> 00:40:44,680
Speaker 3: We've talked about his book before here on Bloomberg Radio Rock.

930
00:40:44,800 --> 00:40:48,040
Speaker 3: It's great to have you here and you know him,

931
00:40:48,360 --> 00:40:51,439
Speaker 3: I do all you do. Thanks for being with us.

932
00:40:51,600 --> 00:40:54,080
Speaker 3: I think you and I feel like we had a cot. Well,

933
00:40:54,800 --> 00:40:56,239
Speaker 3: it's so great to have you and I feel like

934
00:40:56,239 --> 00:40:57,960
Speaker 3: we had a conversation. I always like to pick your

935
00:40:57,960 --> 00:41:01,239
Speaker 3: brain about, you know, footage reason you know, you do

936
00:41:01,320 --> 00:41:05,040
Speaker 3: work with athletes. When we think about the athletes that

937
00:41:05,120 --> 00:41:07,759
Speaker 3: play here, it does look so graceful at times, but

938
00:41:07,840 --> 00:41:11,320
Speaker 3: it is. They're athletes, and they a lot of stress

939
00:41:11,440 --> 00:41:14,160
Speaker 3: on their certainly on their feet, on their ankles. Talk

940
00:41:14,200 --> 00:41:16,160
Speaker 3: to us a little bit about what they are seeing

941
00:41:16,239 --> 00:41:17,120
Speaker 3: and what they are dealing with.

942
00:41:17,160 --> 00:41:17,719
Speaker 2: Sometimes.

943
00:41:19,280 --> 00:41:22,680
Speaker 10: Well, first of all, the pro tennis players are probably

944
00:41:23,400 --> 00:41:27,440
Speaker 10: the best trained, best conditioned of most of the athletes.

945
00:41:27,880 --> 00:41:30,120
Speaker 10: If you consider that some of these matches could go

946
00:41:30,239 --> 00:41:33,640
Speaker 10: four or five hours, it gives you some idea about

947
00:41:33,680 --> 00:41:37,920
Speaker 10: the stamina that they must have forget about breathing and

948
00:41:38,640 --> 00:41:41,920
Speaker 10: you know, and doing things like sweating profusely, I mean

949
00:41:42,120 --> 00:41:45,880
Speaker 10: muscular skeletally. It's a tremendous amount of stress and strained

950
00:41:45,960 --> 00:41:49,600
Speaker 10: on the bodies of these these superior athletes.

951
00:41:51,960 --> 00:41:54,600
Speaker 4: Why, you know, I made a comment to Carol Doctor

952
00:41:54,640 --> 00:41:57,080
Speaker 4: earlier this week. I was out here Tuesday night, and

953
00:41:57,120 --> 00:41:59,560
Speaker 4: this is you know, I barely even spend any time

954
00:41:59,600 --> 00:42:01,400
Speaker 4: in ash. I was out on the outer course. I

955
00:42:01,440 --> 00:42:03,000
Speaker 4: did see I should say, I did see VNS play

956
00:42:03,040 --> 00:42:06,759
Speaker 4: on Tuesday night. But one thing that we noticed over

957
00:42:06,800 --> 00:42:10,640
Speaker 4: and over again was almost every single player had taped

958
00:42:10,680 --> 00:42:13,840
Speaker 4: somewhere on their body, whether it was their ankles, whether

959
00:42:13,880 --> 00:42:14,880
Speaker 4: it was their wrists.

960
00:42:15,920 --> 00:42:20,719
Speaker 10: Why is that, Well, you know, Tim, that's a very

961
00:42:20,800 --> 00:42:25,000
Speaker 10: very good question. I mean, taping provides stability, It helps

962
00:42:25,080 --> 00:42:28,400
Speaker 10: to keep swelling down, a dema reduction we call it.

963
00:42:28,400 --> 00:42:30,200
Speaker 10: It gives them a better in the case of an

964
00:42:30,239 --> 00:42:33,880
Speaker 10: ankle strapping or footstrapping, better footing where they actually have

965
00:42:34,000 --> 00:42:36,879
Speaker 10: a better propulsion when they're trying to make a point. So,

966
00:42:37,320 --> 00:42:40,319
Speaker 10: in that respect, you know, taping is still one of

967
00:42:40,320 --> 00:42:44,000
Speaker 10: the most important parts of the sports medicine orthopedic practice. Okay,

968
00:42:44,000 --> 00:42:47,080
Speaker 10: and yet it looks very simple. But as we both know,

969
00:42:47,600 --> 00:42:49,400
Speaker 10: for three of us, I should say, no, you know,

970
00:42:49,440 --> 00:42:53,040
Speaker 10: there's nothing simple about taping. It's not just haphazardly placed

971
00:42:53,440 --> 00:42:57,400
Speaker 10: it's placed in areas where stress and strain could be reproduced,

972
00:42:58,040 --> 00:43:00,760
Speaker 10: areas where the muscles tendons in the leg it's insert,

973
00:43:00,840 --> 00:43:04,200
Speaker 10: or where the bones are going. So taping has become

974
00:43:04,440 --> 00:43:08,920
Speaker 10: really a very important part of any type of organized sports,

975
00:43:08,960 --> 00:43:12,640
Speaker 10: whether it be amateur sports or professional sports. So of

976
00:43:12,680 --> 00:43:16,080
Speaker 10: course taping has the same indications in other parts of

977
00:43:16,080 --> 00:43:19,239
Speaker 10: the body as well, in the hand, the shoulder, so

978
00:43:19,239 --> 00:43:21,560
Speaker 10: it just won is all over the place. Yeah, taping

979
00:43:21,640 --> 00:43:21,959
Speaker 10: is a.

980
00:43:22,280 --> 00:43:22,680
Speaker 9: Part of it.

981
00:43:24,280 --> 00:43:26,839
Speaker 4: So doctor, it's not necessarily indicative that there's been some

982
00:43:26,880 --> 00:43:29,160
Speaker 4: sort of injury there or there is some sort of

983
00:43:29,160 --> 00:43:32,240
Speaker 4: recovery taking place, you're saying. In some instances it actually

984
00:43:32,280 --> 00:43:34,040
Speaker 4: provides an advantage.

985
00:43:36,000 --> 00:43:39,040
Speaker 10: Yes, because it allows propulsion, which means you're able to

986
00:43:39,280 --> 00:43:42,080
Speaker 10: move on the book all a lot quicker. You're able

987
00:43:42,080 --> 00:43:44,400
Speaker 10: to go lateral on the court, or go back or forth.

988
00:43:44,480 --> 00:43:48,120
Speaker 10: So it gives you that little extra you know, jump,

989
00:43:48,200 --> 00:43:51,000
Speaker 10: so to speak. It's sort of like a full crumb,

990
00:43:51,000 --> 00:43:53,280
Speaker 10: you know. And I think in that respect they're able

991
00:43:53,280 --> 00:43:54,960
Speaker 10: to get a much better jump, and of course their

992
00:43:54,960 --> 00:43:57,160
Speaker 10: footing is better and then they are less likely to

993
00:43:57,200 --> 00:43:59,800
Speaker 10: invert their ankle or throw their heels out or whatever

994
00:43:59,800 --> 00:44:00,440
Speaker 10: may be so.

995
00:44:00,760 --> 00:44:00,960
Speaker 11: Yes.

996
00:44:01,040 --> 00:44:03,000
Speaker 10: So the answer to tech question is that it's also

997
00:44:03,200 --> 00:44:08,320
Speaker 10: used for again it's a benign form of performance enhancement.

998
00:44:10,880 --> 00:44:13,120
Speaker 3: So when you think about the intensity of the play,

999
00:44:13,160 --> 00:44:15,400
Speaker 3: you know, it's interesting, doctor Positano, that we talked with

1000
00:44:15,440 --> 00:44:17,360
Speaker 3: the folks at IBM, and they use a lot of

1001
00:44:17,440 --> 00:44:20,560
Speaker 3: data to give stats on the players and how they play,

1002
00:44:20,640 --> 00:44:22,840
Speaker 3: but they also you know, are tracking how fast the

1003
00:44:22,880 --> 00:44:25,960
Speaker 3: ball is moving. And it's just interesting how it just

1004
00:44:25,960 --> 00:44:28,799
Speaker 3: feels like things get you know, more ramped up.

1005
00:44:28,840 --> 00:44:29,640
Speaker 2: And whether it's.

1006
00:44:29,480 --> 00:44:32,880
Speaker 3: Tennis, whether it's football, whether a lot of sports, it

1007
00:44:32,920 --> 00:44:36,640
Speaker 3: does feel like the intensity of the play has just

1008
00:44:36,760 --> 00:44:40,080
Speaker 3: been increasing over time. And it also feels like the

1009
00:44:40,160 --> 00:44:43,560
Speaker 3: amount of injuries, or the intenseness of the injuries has

1010
00:44:43,600 --> 00:44:45,279
Speaker 3: also been ramped up. Talk to us a little bit

1011
00:44:45,280 --> 00:44:47,480
Speaker 3: about that just in professional sports more broadly.

1012
00:44:49,719 --> 00:44:52,839
Speaker 10: Well, look, again, conditioning is everything. I mean, I had

1013
00:44:52,880 --> 00:44:56,239
Speaker 10: the pleasure of knowing some very very world class athletes

1014
00:44:56,280 --> 00:44:58,640
Speaker 10: that played back in the forties and fifties, and they

1015
00:44:58,680 --> 00:45:01,840
Speaker 10: would say the same thing that they certainly did not

1016
00:45:02,080 --> 00:45:06,080
Speaker 10: have the analytics so to speak, or the technology available

1017
00:45:06,080 --> 00:45:08,360
Speaker 10: to them to stay in shape throughout the offseason or

1018
00:45:08,440 --> 00:45:11,520
Speaker 10: throughout the season. Itself, and I think that's a big

1019
00:45:11,560 --> 00:45:15,200
Speaker 10: part of why professional sports has changed, is because these

1020
00:45:15,400 --> 00:45:19,360
Speaker 10: are ways of making these players be able to be

1021
00:45:19,520 --> 00:45:23,240
Speaker 10: more effective in their play, but be provide a safer environment.

1022
00:45:23,640 --> 00:45:26,640
Speaker 10: They learn about certain types of things, certain types of

1023
00:45:27,120 --> 00:45:30,160
Speaker 10: athletic wear, whether it be a brace or in our case,

1024
00:45:30,200 --> 00:45:33,040
Speaker 10: a prescription foot orthosis that helps us stabilize the ankle.

1025
00:45:33,520 --> 00:45:35,480
Speaker 10: And I think that's a big part of what's happened

1026
00:45:35,480 --> 00:45:39,360
Speaker 10: with professional sports is that there is this technology which

1027
00:45:40,680 --> 00:45:44,600
Speaker 10: many times does help again performance enhancement as well as

1028
00:45:44,640 --> 00:45:45,400
Speaker 10: injury prevention.

1029
00:45:48,320 --> 00:45:51,239
Speaker 4: What can we learn as mere mortals from what the

1030
00:45:51,280 --> 00:45:54,279
Speaker 4: professionals do. Doctor, you see people each and every day

1031
00:45:54,960 --> 00:45:58,680
Speaker 4: who aren't necessarily professional athletes, who have recurring injuries of

1032
00:45:58,760 --> 00:46:00,920
Speaker 4: their feet. Do you give us.

1033
00:46:02,480 --> 00:46:05,400
Speaker 10: Well again? You know, having had the privilege of taking

1034
00:46:05,440 --> 00:46:09,840
Speaker 10: care of professional and elite athletes in all areas professional football,

1035
00:46:09,880 --> 00:46:14,160
Speaker 10: professional baseball, at the US Open, uh, I think the

1036
00:46:14,200 --> 00:46:17,280
Speaker 10: most important thing is not to overdo something, which means

1037
00:46:17,680 --> 00:46:21,440
Speaker 10: everyone gets inspired around Wimbledon or the US Open to

1038
00:46:21,440 --> 00:46:23,400
Speaker 10: go out and play a lot of tennis. And of

1039
00:46:23,400 --> 00:46:25,680
Speaker 10: course it makes people feel good because they watch these

1040
00:46:25,719 --> 00:46:28,040
Speaker 10: tennis players on the court or the baseball players on

1041
00:46:28,080 --> 00:46:29,879
Speaker 10: the field, and they think that they can go out

1042
00:46:29,920 --> 00:46:32,480
Speaker 10: there and just start to be full force. Well, it's

1043
00:46:32,520 --> 00:46:34,960
Speaker 10: not a good idea, I know that are sent to

1044
00:46:35,000 --> 00:46:39,279
Speaker 10: hear at HSS, we find that many of these injuries

1045
00:46:39,320 --> 00:46:42,120
Speaker 10: involving the foot and the ankle are really because these

1046
00:46:42,120 --> 00:46:45,040
Speaker 10: people are not conditioned, and particularly the areas of heal

1047
00:46:45,120 --> 00:46:48,440
Speaker 10: pain and achilles pain. And actually I had a conversation

1048
00:46:48,520 --> 00:46:51,960
Speaker 10: with someone recently about, you know, pickleball has become a

1049
00:46:52,080 --> 00:46:55,640
Speaker 10: very interesting, you know, type of a sport. You know,

1050
00:46:56,040 --> 00:46:58,480
Speaker 10: you know, I always kid around. I say that HSS

1051
00:46:58,560 --> 00:47:00,960
Speaker 10: is probably the mecca of pickle ball injuries of the

1052
00:47:00,960 --> 00:47:05,120
Speaker 10: Tri State air area, and you know, it's a form

1053
00:47:05,160 --> 00:47:08,600
Speaker 10: of racket sports. But again, you know, and I say

1054
00:47:08,640 --> 00:47:11,239
Speaker 10: this with all respect, I say, right now, we're in

1055
00:47:11,280 --> 00:47:14,040
Speaker 10: the middle of a pickle ball pandemic because we're seeing

1056
00:47:14,600 --> 00:47:17,200
Speaker 10: all of these people coming in, particularly in our area,

1057
00:47:17,800 --> 00:47:22,160
Speaker 10: with heel pain, achilles pain, I mean stress fractures. I

1058
00:47:22,160 --> 00:47:24,680
Speaker 10: have my colleagues in the Spine Service telling me the

1059
00:47:24,719 --> 00:47:28,640
Speaker 10: same thing that these these weekend warriors, whatever you want

1060
00:47:28,640 --> 00:47:30,600
Speaker 10: to call them, they're coming in out with backs brains

1061
00:47:30,640 --> 00:47:33,120
Speaker 10: because they have to make these quick dips so I

1062
00:47:33,160 --> 00:47:36,640
Speaker 10: think pickle ball has certainly established itself right now as

1063
00:47:36,680 --> 00:47:39,239
Speaker 10: being you know, a very popular sport. It's a lot

1064
00:47:39,280 --> 00:47:42,000
Speaker 10: of fun. But again it's one of those sports where

1065
00:47:42,080 --> 00:47:44,239
Speaker 10: you know, you know, it may be a smaller court,

1066
00:47:44,280 --> 00:47:47,800
Speaker 10: but with that smaller court unfortunately becomes bigger orthopedic problems.

1067
00:47:47,880 --> 00:47:49,920
Speaker 10: And we're seeing more and more of that, and I

1068
00:47:49,960 --> 00:47:53,120
Speaker 10: think the conditioning aspect him is what we're talking about here.

1069
00:47:54,520 --> 00:47:56,480
Speaker 2: Forgive me, I didn't mean to interrupt. Katrina Adams.

1070
00:47:56,520 --> 00:47:59,319
Speaker 3: You were talking with yesterday, former head of the USTA

1071
00:47:59,360 --> 00:48:03,040
Speaker 3: and of course professional tennis player, doubles player, and we

1072
00:48:03,320 --> 00:48:05,279
Speaker 3: kind of joked about pickleball and kind of made it

1073
00:48:05,280 --> 00:48:06,799
Speaker 3: sound like it was so easy, and she's like, it

1074
00:48:06,880 --> 00:48:07,440
Speaker 3: isn't easy.

1075
00:48:07,520 --> 00:48:10,120
Speaker 4: It's intense, and you know, yeah, but you don't see

1076
00:48:10,120 --> 00:48:11,120
Speaker 4: her out there playing pickle ball.

1077
00:48:11,239 --> 00:48:11,399
Speaker 5: No.

1078
00:48:11,440 --> 00:48:15,440
Speaker 12: But it's because well it speaks exactly well you know

1079
00:48:16,040 --> 00:48:19,320
Speaker 12: what people, you know, Carolyn tim With people don't realize

1080
00:48:19,360 --> 00:48:21,839
Speaker 12: is that even though it's a smaller court, Okay, it's

1081
00:48:21,840 --> 00:48:23,080
Speaker 12: a much faster game.

1082
00:48:23,719 --> 00:48:27,280
Speaker 10: There's more focus on the foot, the ankle. There's quicker pivots.

1083
00:48:27,320 --> 00:48:30,640
Speaker 10: You need quicker footwork too, And I think again you're

1084
00:48:30,640 --> 00:48:33,320
Speaker 10: more likely to rupture your achilles or tear your plant

1085
00:48:33,360 --> 00:48:36,640
Speaker 10: to faster or blow your knee out because you're not conditioned,

1086
00:48:36,680 --> 00:48:40,600
Speaker 10: and because your reaction time has to be significantly faster

1087
00:48:40,920 --> 00:48:45,080
Speaker 10: than when you're playing a nice game of civilized tennis,

1088
00:48:45,160 --> 00:48:46,920
Speaker 10: which is what you're seeing right now, when these players

1089
00:48:46,920 --> 00:48:49,080
Speaker 10: are hitting the ball one hundred and thirty miles an hour.

1090
00:48:49,440 --> 00:48:52,360
Speaker 10: So again, you know, pickleball is a great sport. But

1091
00:48:52,760 --> 00:48:55,640
Speaker 10: going back timp to your question about conditioning, that's a

1092
00:48:55,680 --> 00:48:58,279
Speaker 10: big mistake that people make. You just cannot go back

1093
00:48:58,320 --> 00:49:04,200
Speaker 10: on any sport, whether basketball, you know, tennis, you know football, whatever,

1094
00:49:04,280 --> 00:49:06,160
Speaker 10: and just think you're gonna go out there and play

1095
00:49:06,200 --> 00:49:08,719
Speaker 10: your heart out because again you're not conditioned to do that,

1096
00:49:08,800 --> 00:49:11,440
Speaker 10: which means your muscles tend look at at some bones

1097
00:49:12,200 --> 00:49:16,719
Speaker 10: are not accustomed to this type of a quick escalation,

1098
00:49:16,880 --> 00:49:17,560
Speaker 10: so to speak.

1099
00:49:19,360 --> 00:49:20,799
Speaker 3: All right, we're gonna have to leave it on there,

1100
00:49:21,160 --> 00:49:23,719
Speaker 3: Doctor Positano. Thank you so much for jumping in and

1101
00:49:24,040 --> 00:49:26,680
Speaker 3: talking with us. We so appreciate it. Doctor Rock Positano.

1102
00:49:26,719 --> 00:49:29,800
Speaker 3: He's director of the Joe DiMaggio Nonsurgical Foods Foot Service

1103
00:49:29,800 --> 00:49:32,400
Speaker 3: at the Hospital for Special Service Surgery.

1104
00:49:32,440 --> 00:49:32,960
Speaker 2: Excuse me.

1105
00:49:33,000 --> 00:49:36,239
Speaker 3: He's also the author of Dinner with Demaggio, which we

1106
00:49:36,280 --> 00:49:37,680
Speaker 3: talked about with him a few years ago.

1107
00:49:38,239 --> 00:49:41,719
Speaker 1: If you're listening to the Bloomberg Business Week podcast, catch

1108
00:49:41,800 --> 00:49:45,160
Speaker 1: us Live weekday afternoons from three to six Eastern Listen

1109
00:49:45,200 --> 00:49:48,680
Speaker 1: on Bloomberg dot com, the iHeartRadio app and the Bloomberg

1110
00:49:48,719 --> 00:49:52,160
Speaker 1: Business app, or wants us Live on YouTube.

1111
00:49:52,680 --> 00:49:54,640
Speaker 3: You remember that in June of twenty twenty one, the

1112
00:49:54,680 --> 00:49:57,840
Speaker 3: Supreme Court cleared the way for college athletes to benefit

1113
00:49:57,840 --> 00:49:59,799
Speaker 3: from the use of their name image and.

1114
00:49:59,840 --> 00:50:02,560
Speaker 2: Like, this is nil. We've talked about this before.

1115
00:50:02,600 --> 00:50:05,480
Speaker 3: Since then, twenty year olds have earned six, sometimes seven

1116
00:50:05,520 --> 00:50:09,640
Speaker 3: figures on such deals to shout out brands on Instagram,

1117
00:50:09,680 --> 00:50:11,839
Speaker 3: sign autographs, or hop on Zoom with a few fans.

1118
00:50:11,880 --> 00:50:14,399
Speaker 3: I mean, they're finally being able to make money off

1119
00:50:14,400 --> 00:50:16,000
Speaker 3: of their success at the college level.

1120
00:50:16,040 --> 00:50:18,520
Speaker 4: Here's the thing, though, Carol. Even though pro tennis players

1121
00:50:18,560 --> 00:50:20,399
Speaker 4: are some of the top earning athletes of all time,

1122
00:50:20,760 --> 00:50:24,359
Speaker 4: college tennis players are not the ones raking it in now.

1123
00:50:24,480 --> 00:50:27,120
Speaker 4: That's pretty much reserved for college football and basketball players.

1124
00:50:27,160 --> 00:50:29,800
Speaker 4: That's according to data from open Doors. It's a LinkedIn,

1125
00:50:29,840 --> 00:50:32,000
Speaker 4: Nebraska based marketing platform for athletes.

1126
00:50:32,000 --> 00:50:33,520
Speaker 3: All right, So let's get to it because Richard kat

1127
00:50:33,640 --> 00:50:36,880
Speaker 3: knows all about this. He's legal counsel and marketing consultant

1128
00:50:36,840 --> 00:50:40,520
Speaker 3: at Sanal student athlete name, image and likeness on the

1129
00:50:40,560 --> 00:50:44,000
Speaker 3: growth of what we are seeing in this in college

1130
00:50:44,000 --> 00:50:47,279
Speaker 3: sports specifically, he joins us on Zoom in Connecticut. He's

1131
00:50:47,320 --> 00:50:50,080
Speaker 3: also the author of tennis books, including feder and Nadal

1132
00:50:50,280 --> 00:50:52,919
Speaker 3: Inside the US Open and Roger Federer Are Back on Top.

1133
00:50:53,080 --> 00:50:55,000
Speaker 3: Needless to say, he loves the game of tennis, and

1134
00:50:55,040 --> 00:50:55,359
Speaker 3: I think.

1135
00:50:55,360 --> 00:50:58,600
Speaker 2: Yesterday you might have caught him behind us waving hello.

1136
00:50:58,800 --> 00:51:00,960
Speaker 3: We're sorry we didn't get to talk with you Richard

1137
00:51:01,239 --> 00:51:03,279
Speaker 3: in person, but so glad we could get to you here.

1138
00:51:03,680 --> 00:51:06,280
Speaker 11: How are you great? How are you guys?

1139
00:51:07,800 --> 00:51:09,319
Speaker 2: We're doing well. We're doing well.

1140
00:51:09,360 --> 00:51:12,400
Speaker 3: I mean it's another, you know, record year for the

1141
00:51:12,520 --> 00:51:15,799
Speaker 3: US Open in terms of participation. Tell us about your

1142
00:51:15,840 --> 00:51:19,440
Speaker 3: world though, and how things have continued to evolve since

1143
00:51:19,440 --> 00:51:20,880
Speaker 3: that Supreme Court ruling.

1144
00:51:21,920 --> 00:51:25,040
Speaker 13: Oh my goodness, Carol, it is the wild, wild West,

1145
00:51:25,080 --> 00:51:26,560
Speaker 13: and I emphasized the wordwild.

1146
00:51:26,960 --> 00:51:28,959
Speaker 11: The landscape changes every day.

1147
00:51:29,200 --> 00:51:33,360
Speaker 13: In the conference realignment that we saw this morning, you know,

1148
00:51:33,480 --> 00:51:35,920
Speaker 13: with Stanford and with cal and with.

1149
00:51:36,080 --> 00:51:38,160
Speaker 11: SMU joining the ACC.

1150
00:51:38,400 --> 00:51:41,440
Speaker 13: This is all derivative of what went on when the

1151
00:51:41,520 --> 00:51:45,439
Speaker 13: US Supreme Court decided that Austin case nine zero. Think

1152
00:51:45,440 --> 00:51:49,520
Speaker 13: about it, this factionalized Supreme Court decided a case nine

1153
00:51:49,719 --> 00:51:50,280
Speaker 13: to zero.

1154
00:51:52,320 --> 00:51:55,720
Speaker 4: Wow, okay, let's get back to the idea that tennis

1155
00:51:55,719 --> 00:51:58,400
Speaker 4: players are, you know, not the ones cashing in on this.

1156
00:51:58,600 --> 00:52:01,560
Speaker 4: As I said earlier, it's all football and basketball in

1157
00:52:01,640 --> 00:52:02,560
Speaker 4: college Why is that?

1158
00:52:04,440 --> 00:52:04,640
Speaker 5: You know?

1159
00:52:04,680 --> 00:52:09,800
Speaker 13: That's they're the revenue sports. Our methodology is indicated about

1160
00:52:09,840 --> 00:52:15,000
Speaker 13: seventy percent college football, twenty percent, men's basketball in ten

1161
00:52:15,040 --> 00:52:19,279
Speaker 13: percent the rest with lacrosse, soccer in women's basketball. So

1162
00:52:19,360 --> 00:52:21,640
Speaker 13: I can't even tell you if tennis is one percent

1163
00:52:21,719 --> 00:52:24,200
Speaker 13: of this paradigm.

1164
00:52:24,280 --> 00:52:26,560
Speaker 4: That's incredible given that here we are at the US

1165
00:52:26,600 --> 00:52:30,520
Speaker 4: Open Carol as John Worthim's going to remind us in

1166
00:52:30,600 --> 00:52:33,719
Speaker 4: just about an hour, maybe even less than an hour. Actually, yeah,

1167
00:52:33,960 --> 00:52:38,200
Speaker 4: this is the most attended sports event in the United States.

1168
00:52:39,239 --> 00:52:42,400
Speaker 4: Five of the top one hundred highest paid athletes of

1169
00:52:42,400 --> 00:52:44,760
Speaker 4: all time are tennis players.

1170
00:52:45,000 --> 00:52:46,560
Speaker 2: Right, So then why Roger.

1171
00:52:46,440 --> 00:52:48,920
Speaker 4: Fetter is a billionaire? He's earned a billion dollars, I

1172
00:52:48,920 --> 00:52:51,000
Speaker 4: should say not. I don't know if he's a billionaire,

1173
00:52:51,040 --> 00:52:55,719
Speaker 4: But why doesn't that translate to the to college and

1174
00:52:55,719 --> 00:52:56,680
Speaker 4: to the interesting college.

1175
00:52:58,000 --> 00:53:00,880
Speaker 13: Well, when we say the most attended sports event, the

1176
00:53:01,000 --> 00:53:04,560
Speaker 13: US Open is also an event which overshadows the fact

1177
00:53:04,560 --> 00:53:05,560
Speaker 13: that it's a tennis event.

1178
00:53:06,120 --> 00:53:07,520
Speaker 11: People go there to be seen.

1179
00:53:07,640 --> 00:53:10,440
Speaker 13: People go there to go to the restaurants, to go

1180
00:53:10,480 --> 00:53:12,759
Speaker 13: to the stores there as much as they go to

1181
00:53:12,800 --> 00:53:15,520
Speaker 13: see the good tennis. So I don't think you're going

1182
00:53:15,600 --> 00:53:18,600
Speaker 13: to be saying that about the events in let's say

1183
00:53:18,640 --> 00:53:22,320
Speaker 13: Atlanta or Washington, d C. Where the attendance is down.

1184
00:53:23,000 --> 00:53:25,440
Speaker 13: So that's just my comment about the US Open. It

1185
00:53:25,520 --> 00:53:29,799
Speaker 13: is a tremendous event foreshadowing a tremendous tennis tournament. But

1186
00:53:29,880 --> 00:53:32,960
Speaker 13: in terms of college tennis, yes, it's big in the SEC.

1187
00:53:33,719 --> 00:53:37,600
Speaker 13: Yes it's big in the ACC at some of the schools,

1188
00:53:37,840 --> 00:53:41,080
Speaker 13: but it's simply not a revenue sport. And to the

1189
00:53:41,160 --> 00:53:45,839
Speaker 13: extent that it is gaining nil money, you are. The

1190
00:53:45,880 --> 00:53:47,759
Speaker 13: good news is, and I think there's a player at

1191
00:53:47,800 --> 00:53:51,280
Speaker 13: Ohio State that this pertains to. You may be keeping

1192
00:53:51,360 --> 00:53:55,080
Speaker 13: kids in school a little bit longer than joining the

1193
00:53:55,120 --> 00:53:58,200
Speaker 13: actual pro tour because if they can make some nil money,

1194
00:53:58,360 --> 00:54:01,200
Speaker 13: they may stay in school another year, another year of college.

1195
00:54:01,400 --> 00:54:04,800
Speaker 11: Because college tennis is pretty rigorous at the highest level.

1196
00:54:06,719 --> 00:54:10,000
Speaker 3: Does Richard, does NIL money change depending on the school

1197
00:54:10,000 --> 00:54:13,320
Speaker 3: that you're at and that you play even with tennis?

1198
00:54:13,360 --> 00:54:17,080
Speaker 3: Does it matter the school that you're coming from.

1199
00:54:16,719 --> 00:54:19,919
Speaker 13: Carol, Let's make one thing clear. NIL money comes from

1200
00:54:19,960 --> 00:54:22,400
Speaker 13: the boosters. It does not come from the university.

1201
00:54:22,480 --> 00:54:23,000
Speaker 11: Yet.

1202
00:54:23,200 --> 00:54:26,800
Speaker 13: If we do this call in three years, the universities

1203
00:54:26,960 --> 00:54:30,520
Speaker 13: will be involved, they will be inculcated and Title nine

1204
00:54:30,600 --> 00:54:33,600
Speaker 13: might become an issue. Right now though, it's the booster money.

1205
00:54:34,000 --> 00:54:36,799
Speaker 13: So you're looking at the schools with the biggest boosters,

1206
00:54:36,840 --> 00:54:41,400
Speaker 13: the Michigans, the Alabamas, you know, maybe Kansas and Basketball

1207
00:54:41,480 --> 00:54:45,279
Speaker 13: that have most of the major NIL money flowing to

1208
00:54:45,360 --> 00:54:48,440
Speaker 13: the student athletes through a third party conduit.

1209
00:54:50,880 --> 00:54:54,400
Speaker 4: Hold on, you said, yet not yet from colleges the university.

1210
00:54:54,400 --> 00:54:54,919
Speaker 2: It's gonna happen.

1211
00:54:55,040 --> 00:54:56,160
Speaker 4: Yeah, what's going to happen.

1212
00:54:58,000 --> 00:55:00,520
Speaker 13: Two or three years down the road? Revenue you sharing,

1213
00:55:00,719 --> 00:55:04,080
Speaker 13: We're going to see a piece of the TV contract.

1214
00:55:04,160 --> 00:55:07,200
Speaker 13: Let's take the Big Ten. I'm a Wrecktgers person. Rutgers

1215
00:55:07,320 --> 00:55:12,080
Speaker 13: gets on one hundred million dollars from the Big Ten.

1216
00:55:12,480 --> 00:55:14,959
Speaker 13: Most of that is TV revenue. You're going to see

1217
00:55:14,960 --> 00:55:18,439
Speaker 13: between five and ten, five and twelve percent let's say

1218
00:55:18,719 --> 00:55:20,759
Speaker 13: of that going to the student athletes.

1219
00:55:21,239 --> 00:55:22,239
Speaker 11: And you're also going to.

1220
00:55:22,239 --> 00:55:26,719
Speaker 13: See the conclusion of a lawsuit that's pending in the

1221
00:55:26,719 --> 00:55:30,720
Speaker 13: federal system in the third circuit, in which student athletes

1222
00:55:30,760 --> 00:55:35,080
Speaker 13: are suing to become employees of the university. In other words,

1223
00:55:35,239 --> 00:55:38,800
Speaker 13: I work thirty hours a week on the football field

1224
00:55:38,880 --> 00:55:42,400
Speaker 13: for you, mister university, and my counterpart, who works thirty

1225
00:55:42,440 --> 00:55:46,920
Speaker 13: hours in the library for your university, mister university, gets paid.

1226
00:55:47,239 --> 00:55:48,800
Speaker 11: So why shouldn't I get paid?

1227
00:55:48,840 --> 00:55:52,759
Speaker 13: Why shouldn't I have workers comp And that's gonna that's

1228
00:55:52,800 --> 00:55:54,600
Speaker 13: going to be decided in a year or so.

1229
00:55:55,120 --> 00:55:56,240
Speaker 11: Every one of these decisis.

1230
00:55:56,239 --> 00:55:59,080
Speaker 4: Maybe the university would say you're getting a free education.

1231
00:56:00,360 --> 00:56:03,000
Speaker 11: Absolutely, but that's just one part of it.

1232
00:56:03,160 --> 00:56:05,719
Speaker 13: You're getting the free and that was the argument by

1233
00:56:05,760 --> 00:56:09,960
Speaker 13: the NC double A lawyer and Justice Kavan law Skeward

1234
00:56:10,200 --> 00:56:11,839
Speaker 13: absolutely skewered that.

1235
00:56:11,800 --> 00:56:14,640
Speaker 11: Lawyer saying, yeah, you're getting a free education.

1236
00:56:14,920 --> 00:56:18,239
Speaker 13: And Nick Saban is making twelve million dollars at the time,

1237
00:56:18,320 --> 00:56:21,920
Speaker 13: Mike Krushevski, who was coaching at Duke, was making nine million,

1238
00:56:22,000 --> 00:56:24,840
Speaker 13: and Mark Emrit, the NC double A president, was making

1239
00:56:24,920 --> 00:56:28,279
Speaker 13: three point five million. So yeah, that's nice that you're

1240
00:56:28,280 --> 00:56:31,719
Speaker 13: getting a free education. But you're also paying these coaches

1241
00:56:31,920 --> 00:56:34,759
Speaker 13: loads of money, and loads of money's going into the

1242
00:56:34,880 --> 00:56:35,920
Speaker 13: university coffers.

1243
00:56:38,040 --> 00:56:39,839
Speaker 2: You know, Richard, I wish you had more time.

1244
00:56:39,880 --> 00:56:42,160
Speaker 3: This is really a big topic, and as you said,

1245
00:56:42,200 --> 00:56:44,040
Speaker 3: it's going to continue to evolve.

1246
00:56:43,640 --> 00:56:47,640
Speaker 2: And hopefully it gets certainly more fair.

1247
00:56:47,560 --> 00:56:51,000
Speaker 3: If you will, to the actually athletes, the college athletes

1248
00:56:51,040 --> 00:56:52,839
Speaker 3: that are that are doing all.

1249
00:56:52,719 --> 00:56:55,680
Speaker 4: Our po still winning on my Division III tennis checks

1250
00:56:55,680 --> 00:56:59,640
Speaker 4: from Colby College for the three years I played there. Yeah,

1251
00:56:59,640 --> 00:57:03,640
Speaker 4: we didn't really attract many fans, Carol, I'll be honest, Richard.

1252
00:57:03,360 --> 00:57:05,600
Speaker 2: We got to run. Hopefully next time it'll be in person.

1253
00:57:05,719 --> 00:57:06,239
Speaker 2: Richard can't.

1254
00:57:06,239 --> 00:57:09,680
Speaker 3: He's a little counsel in marketing consultant. H as we said,

1255
00:57:10,160 --> 00:57:13,439
Speaker 3: covers the name, image and likeness world when it comes

1256
00:57:13,480 --> 00:57:15,560
Speaker 3: to college sports. Will be giving us some great insight.

1257
00:57:15,640 --> 00:57:18,680
Speaker 3: Joining us on zoom from Connecticut, Carol Masser along with

1258
00:57:18,760 --> 00:57:19,600
Speaker 3: Tim stand Victim.

1259
00:57:19,680 --> 00:57:21,760
Speaker 4: Still waiting for this check, waiting for the checks. I'll

1260
00:57:21,800 --> 00:57:22,560
Speaker 4: be waiting for a long time.

1261
00:57:22,600 --> 00:57:23,120
Speaker 2: I heard him.

1262
00:57:23,320 --> 00:57:28,560
Speaker 11: Maybe I'm brother Marco.

1263
00:57:30,280 --> 00:57:30,760
Speaker 4: Journal.

1264
00:57:31,760 --> 00:57:32,760
Speaker 12: How about you let me drive?

1265
00:57:33,000 --> 00:57:38,360
Speaker 10: Oh no, no, no, no, honey, please, I'll do the riding gravel.

1266
00:57:38,920 --> 00:57:40,280
Speaker 10: Let's mate, I want to try it.

1267
00:57:42,560 --> 00:57:43,440
Speaker 9: It's the question.

1268
00:57:47,240 --> 00:57:50,440
Speaker 1: This is the drive to the globe?

1269
00:57:49,360 --> 00:57:51,280
Speaker 11: Done well by around?

1270
00:57:51,440 --> 00:57:51,760
Speaker 2: Should it?

1271
00:57:51,880 --> 00:57:53,680
Speaker 1: On Bloomberg Radio?

1272
00:57:55,240 --> 00:57:58,160
Speaker 3: All right, everybody, we've got just about eighteen minutes left

1273
00:57:58,160 --> 00:58:00,680
Speaker 3: in today's trading session, getting ready to wrap up this

1274
00:58:01,400 --> 00:58:04,880
Speaker 3: job's Friday, if you will, first trading day though in

1275
00:58:04,880 --> 00:58:07,760
Speaker 3: the month of September, but also wrapping up the week overall.

1276
00:58:08,160 --> 00:58:10,360
Speaker 4: And yeah, so far, up three tenths of one percent

1277
00:58:10,440 --> 00:58:12,040
Speaker 4: on the Dow Jones, the S and B five hundred

1278
00:58:12,080 --> 00:58:13,680
Speaker 4: up about one tenth of one percent. We got the

1279
00:58:13,720 --> 00:58:15,960
Speaker 4: Nasdaq in the red. Go Carol down one tenth of

1280
00:58:16,040 --> 00:58:16,600
Speaker 4: one percent.

1281
00:58:16,760 --> 00:58:18,439
Speaker 2: All right, so let's get to it. We've got David

1282
00:58:18,440 --> 00:58:18,960
Speaker 2: Dits with us.

1283
00:58:19,000 --> 00:58:22,200
Speaker 3: He is a tennis fan back with us, senior portfolio

1284
00:58:22,200 --> 00:58:25,400
Speaker 3: strategist at Peapack Private Wealth Management, a friend of the show.

1285
00:58:25,440 --> 00:58:28,040
Speaker 3: Ten point seven billion in assets under management with us

1286
00:58:28,280 --> 00:58:29,320
Speaker 3: at the US Open.

1287
00:58:29,400 --> 00:58:30,920
Speaker 2: Nice to see you back here.

1288
00:58:31,280 --> 00:58:33,040
Speaker 4: Pleasure to be with you guys in person.

1289
00:58:33,160 --> 00:58:34,920
Speaker 2: Well, thank you. Yeah, it is nice to do stuff

1290
00:58:34,960 --> 00:58:37,280
Speaker 2: right face to face. Talk to us.

1291
00:58:37,400 --> 00:58:40,920
Speaker 3: Let's go about the market environment and the jobs market.

1292
00:58:41,120 --> 00:58:44,000
Speaker 3: How does it significantly, if at all, change your thinking

1293
00:58:44,000 --> 00:58:46,320
Speaker 3: about what goes on in financial markets right now?

1294
00:58:46,520 --> 00:58:49,240
Speaker 4: Well, certainly. I think we've got a Goldilocks support this morning.

1295
00:58:49,480 --> 00:58:50,760
Speaker 2: Oh you know what that means? We all have to

1296
00:58:50,800 --> 00:58:51,360
Speaker 2: drink a shot.

1297
00:58:51,800 --> 00:58:54,480
Speaker 4: There we go, it's Friday afternoon. It's actually true.

1298
00:58:54,880 --> 00:58:58,080
Speaker 2: Everybody keeps it. It's a goldilocks report, you know.

1299
00:58:58,280 --> 00:58:59,760
Speaker 4: And so we had job creation.

1300
00:59:00,040 --> 00:59:04,280
Speaker 6: But on the other hand, the unemployment number went up

1301
00:59:05,000 --> 00:59:07,000
Speaker 6: to three five to three eight, which means people are

1302
00:59:07,000 --> 00:59:08,520
Speaker 6: coming back into the labor force.

1303
00:59:08,640 --> 00:59:09,440
Speaker 4: Why is that good.

1304
00:59:09,640 --> 00:59:12,680
Speaker 6: It's gonna you know, keep wage growth down if more

1305
00:59:12,720 --> 00:59:15,040
Speaker 6: people get off the sidelines. Also, of course, there was

1306
00:59:15,080 --> 00:59:17,680
Speaker 6: one hundred and ten thousand jobs revived down off of

1307
00:59:17,720 --> 00:59:18,120
Speaker 6: the two ap.

1308
00:59:18,080 --> 00:59:20,400
Speaker 2: Process revisions are actually really important, I think.

1309
00:59:20,480 --> 00:59:24,200
Speaker 6: Yeah, absolutely, When you factor those into into what we

1310
00:59:24,240 --> 00:59:26,760
Speaker 6: had seen was the dip from July to August in

1311
00:59:26,840 --> 00:59:29,360
Speaker 6: terms of jobs created, we are definitely seeing a cooling.

1312
00:59:29,520 --> 00:59:31,480
Speaker 6: And I think it's enough for the FED definitely to

1313
00:59:31,520 --> 00:59:34,360
Speaker 6: be on the sidelines in September. It's not enough for

1314
00:59:34,400 --> 00:59:36,840
Speaker 6: them to say, hey, it's victory, We're done.

1315
00:59:36,960 --> 00:59:39,360
Speaker 4: It's just one metric, okay, So what are the metrics

1316
00:59:39,400 --> 00:59:41,960
Speaker 4: that will make the FED say, okay, victory, we're done.

1317
00:59:42,480 --> 00:59:45,919
Speaker 6: Well, you know, we're going to have the CPI later

1318
00:59:46,000 --> 00:59:48,600
Speaker 6: this month. That, of course, is the exact metrics that

1319
00:59:48,600 --> 00:59:51,560
Speaker 6: they're looking for. They want that inflation rate to come

1320
00:59:51,560 --> 00:59:54,160
Speaker 6: back down to two percent. It's moving in the right direction,

1321
00:59:54,320 --> 00:59:56,280
Speaker 6: but at any time, of course, we could get a

1322
00:59:56,360 --> 00:59:58,880
Speaker 6: bad print. We've seen a sprint of consumer spending. People

1323
00:59:58,920 --> 01:00:01,560
Speaker 6: wanted to go see or Swift and some of the

1324
01:00:01,600 --> 01:00:04,280
Speaker 6: other goodies as best. Um, so we've seen some great spending.

1325
01:00:04,400 --> 01:00:07,040
Speaker 6: On the other hand, we do know that the kiddies

1326
01:00:07,120 --> 01:00:09,600
Speaker 6: that the consumer had built up during the pandemic, they're

1327
01:00:09,640 --> 01:00:12,880
Speaker 6: starting to dwindle down. Wage growth is starting to slow,

1328
01:00:12,960 --> 01:00:15,680
Speaker 6: so we're probably going to see some slowing and consumer spending,

1329
01:00:15,680 --> 01:00:17,560
Speaker 6: and I think that's going to give the FED confidence

1330
01:00:17,600 --> 01:00:18,560
Speaker 6: to not be as aggressive.

1331
01:00:18,680 --> 01:00:20,560
Speaker 3: David, what do you think we spend too much time

1332
01:00:20,600 --> 01:00:22,240
Speaker 3: talking about? And what do you think we should be

1333
01:00:22,280 --> 01:00:24,040
Speaker 3: spending a lot of time talking about when it comes

1334
01:00:24,080 --> 01:00:25,160
Speaker 3: to the markets right now?

1335
01:00:25,360 --> 01:00:29,040
Speaker 6: Yeah, absolutely, Well, you know, I think that number one,

1336
01:00:29,080 --> 01:00:34,560
Speaker 6: of course is inflation, because inflation depresses profit margins to

1337
01:00:34,720 --> 01:00:36,600
Speaker 6: inflation makes it tough for consumer to spend.

1338
01:00:36,720 --> 01:00:39,040
Speaker 4: So what are we spending too much time talking about?

1339
01:00:39,400 --> 01:00:42,120
Speaker 6: Probably what happened in the last month in terms of

1340
01:00:42,160 --> 01:00:44,760
Speaker 6: the market. I think you do need to take a

1341
01:00:44,840 --> 01:00:47,800
Speaker 6: longer term point of view. And of course what I

1342
01:00:47,880 --> 01:00:50,640
Speaker 6: really don't like is all the talk on the AI,

1343
01:00:50,880 --> 01:00:53,520
Speaker 6: because you know, I've been around the block before here

1344
01:00:53,720 --> 01:00:55,840
Speaker 6: and AI is going to make us so productive, it's

1345
01:00:55,880 --> 01:00:57,680
Speaker 6: going to be in take decades, you know.

1346
01:00:57,920 --> 01:00:59,600
Speaker 4: And a lot of this has already been priced in

1347
01:01:00,120 --> 01:01:01,920
Speaker 4: the two hundred percent run up in video this year.

1348
01:01:01,920 --> 01:01:04,440
Speaker 4: Two hundred plus percent run up, I should say, warranted

1349
01:01:04,520 --> 01:01:06,520
Speaker 4: or not warranted, you know.

1350
01:01:06,440 --> 01:01:08,120
Speaker 6: I think it's gonna be very tough to make money

1351
01:01:08,160 --> 01:01:10,920
Speaker 6: from these levels. Sure, and Vidia is going to do

1352
01:01:11,040 --> 01:01:13,720
Speaker 6: wonders with their chip design for AI, but everyone in

1353
01:01:13,720 --> 01:01:15,440
Speaker 6: the world is going to be trying to match.

1354
01:01:15,240 --> 01:01:16,680
Speaker 4: Them with those same types of chips.

1355
01:01:16,800 --> 01:01:18,960
Speaker 6: We saw a lot of this in the Cisco run

1356
01:01:19,040 --> 01:01:21,400
Speaker 6: up in the late nineties, where the second.

1357
01:01:21,040 --> 01:01:22,640
Speaker 4: Person just in the last couple of days Carol to

1358
01:01:22,640 --> 01:01:25,920
Speaker 4: talk about the late NW. I know, here's what I said,

1359
01:01:26,160 --> 01:01:28,640
Speaker 4: Here's what I said yesterday. But so is this is

1360
01:01:28,680 --> 01:01:30,160
Speaker 4: this pets dot Com all over again?

1361
01:01:30,760 --> 01:01:33,200
Speaker 6: No, they haven't genuine business. Pest dot Com had you know,

1362
01:01:33,240 --> 01:01:34,640
Speaker 6: no revenues, no earning, but.

1363
01:01:34,800 --> 01:01:36,000
Speaker 2: They did have a sockarpet.

1364
01:01:36,160 --> 01:01:41,200
Speaker 6: Yeah, exactly, excuse exactly, So no sis go to real business,

1365
01:01:41,240 --> 01:01:42,840
Speaker 6: and Vidia has a real business. The problem is the

1366
01:01:42,880 --> 01:01:44,680
Speaker 6: competition is going to come in and I think at

1367
01:01:44,680 --> 01:01:47,000
Speaker 6: this point, you know, you talk about twenty five times

1368
01:01:47,000 --> 01:01:47,920
Speaker 6: not earning sales.

1369
01:01:47,960 --> 01:01:48,680
Speaker 4: That's expensive.

1370
01:01:49,040 --> 01:01:53,520
Speaker 3: Except if AI does pan out to be akin to

1371
01:01:53,560 --> 01:01:56,760
Speaker 3: something like the growth of the Internet. And to be fair,

1372
01:01:56,800 --> 01:01:58,680
Speaker 3: AI not a new thing. It's been around. This is

1373
01:01:58,760 --> 01:02:01,200
Speaker 3: just taking it to another level. We've done segments on

1374
01:02:01,280 --> 01:02:04,000
Speaker 3: quantum computing and like it all plays in. Like I

1375
01:02:04,000 --> 01:02:05,840
Speaker 3: think about how much the Internet is a part of

1376
01:02:05,880 --> 01:02:08,120
Speaker 3: our world now right we just take it for granted.

1377
01:02:08,360 --> 01:02:09,880
Speaker 3: In the early days, I think we were still trying

1378
01:02:09,880 --> 01:02:12,520
Speaker 3: to figure it out. There is the possibility that this

1379
01:02:12,600 --> 01:02:19,080
Speaker 3: is something that really does, right exponentially impact productivity growth,

1380
01:02:19,400 --> 01:02:22,960
Speaker 3: maybe new avenues. I just right, like we have to

1381
01:02:23,000 --> 01:02:24,720
Speaker 3: be kind of smarter at about it.

1382
01:02:24,760 --> 01:02:26,840
Speaker 6: But there's investors. The question is how do I make

1383
01:02:26,960 --> 01:02:28,760
Speaker 6: money from it? And often it is some of the

1384
01:02:28,840 --> 01:02:32,400
Speaker 6: ancellar businesses that can most use AI. For example, why

1385
01:02:32,400 --> 01:02:36,560
Speaker 6: are we seeing that strike in the film industry because

1386
01:02:36,640 --> 01:02:39,280
Speaker 6: those actors and actresses think that they may be out

1387
01:02:39,320 --> 01:02:41,760
Speaker 6: of work because of AI. So maybe some of the

1388
01:02:41,840 --> 01:02:44,360
Speaker 6: media companies which have been beaten down look disneys at

1389
01:02:44,400 --> 01:02:47,200
Speaker 6: what a multi decade low or something like that may

1390
01:02:47,280 --> 01:02:49,000
Speaker 6: be able to take advantage of AI. So maybe you

1391
01:02:49,000 --> 01:02:51,160
Speaker 6: should look at the people who make the picks and

1392
01:02:51,200 --> 01:02:52,720
Speaker 6: shovels and not the actual gold miners.

1393
01:02:52,800 --> 01:02:54,640
Speaker 2: Can we talk stocks because we only have about a couple

1394
01:02:54,680 --> 01:02:56,400
Speaker 2: of minutes left here? Because you do like.

1395
01:02:56,360 --> 01:02:58,960
Speaker 3: Some names that are very familiar to our audience. Pfizer,

1396
01:02:59,240 --> 01:03:01,280
Speaker 3: it's down about their twenty percent so far this year.

1397
01:03:01,320 --> 01:03:04,840
Speaker 3: I'm thinking about the Medicare price negotiations impact. Some of

1398
01:03:04,840 --> 01:03:06,880
Speaker 3: Pfizer's drugs are part of that. Also, they had a

1399
01:03:06,880 --> 01:03:09,480
Speaker 3: plant damaged by a tornado that's maybe going to be

1400
01:03:09,520 --> 01:03:10,800
Speaker 3: back up and running in.

1401
01:03:10,760 --> 01:03:12,520
Speaker 2: The fourth quarter. Why do you like this one? Is

1402
01:03:12,560 --> 01:03:13,480
Speaker 2: it a valuation call?

1403
01:03:14,000 --> 01:03:16,479
Speaker 6: Well, I mean Pfiser is one of the top blue

1404
01:03:16,560 --> 01:03:19,320
Speaker 6: ship pharmaceutical companies, and of course they'd have a strong

1405
01:03:19,440 --> 01:03:21,840
Speaker 6: R and D pipeline. But what makes them even better

1406
01:03:22,120 --> 01:03:25,160
Speaker 6: is that their marketing efforts not just in this country, worldwide.

1407
01:03:25,200 --> 01:03:26,200
Speaker 4: They had the best sales for us.

1408
01:03:26,240 --> 01:03:29,040
Speaker 6: That's why buying TAC who had that vaccine came to

1409
01:03:29,080 --> 01:03:31,480
Speaker 6: Pfizers so they could get off the ground. So right

1410
01:03:31,520 --> 01:03:33,520
Speaker 6: now Five's is being treated as like a one trick

1411
01:03:33,560 --> 01:03:36,240
Speaker 6: COVID pony. But we know there's so much more. But

1412
01:03:36,360 --> 01:03:39,680
Speaker 6: valuation is strong. Eleven times earnings when the market's knocking on,

1413
01:03:39,760 --> 01:03:42,560
Speaker 6: twenty four and a half percent dividend when the market

1414
01:03:42,600 --> 01:03:45,520
Speaker 6: one and a half. Yeah, and so you know, I

1415
01:03:45,560 --> 01:03:49,160
Speaker 6: think that since with the COVID proceeds, they bought about

1416
01:03:49,160 --> 01:03:51,680
Speaker 6: eight different companies, including Cgen, which is not closed. So

1417
01:03:51,680 --> 01:03:53,000
Speaker 6: I think they're going to have some things that really

1418
01:03:53,040 --> 01:03:56,840
Speaker 6: surprise us. In terms of the medicare negotiations, lists and

1419
01:03:56,880 --> 01:03:59,160
Speaker 6: so forth. That's not a positive to the industry, But

1420
01:03:59,200 --> 01:04:01,960
Speaker 6: in terms of the one drug that they thought was

1421
01:04:02,000 --> 01:04:03,760
Speaker 6: going to be part of the negotiations was not.

1422
01:04:03,920 --> 01:04:04,920
Speaker 4: I can hardly pronounce this.

1423
01:04:05,000 --> 01:04:06,560
Speaker 6: I'm not going to try to you right now, but the

1424
01:04:06,600 --> 01:04:08,760
Speaker 6: point is that I think a lot of that is priced.

1425
01:04:08,960 --> 01:04:11,360
Speaker 6: Of course, all eyes are in next year's elections. We'll

1426
01:04:11,400 --> 01:04:13,200
Speaker 6: see how it works out. But there's a lot of

1427
01:04:13,240 --> 01:04:16,440
Speaker 6: the industry and people who are against that in negotiations

1428
01:04:16,440 --> 01:04:17,680
Speaker 6: and effective price controls.

1429
01:04:17,760 --> 01:04:20,320
Speaker 4: Okay, before we let you go, one more stock citizens

1430
01:04:20,360 --> 01:04:23,360
Speaker 4: financial down twenty seven year, twenty seven percent year to day,

1431
01:04:24,000 --> 01:04:24,880
Speaker 4: Why are you bullish?

1432
01:04:25,000 --> 01:04:27,960
Speaker 6: Yeah, so a lot of babies have been thrown out

1433
01:04:28,040 --> 01:04:31,800
Speaker 6: with the regional bank, smaller bank, Bathwater Citizens Financials. That's

1434
01:04:31,800 --> 01:04:34,520
Speaker 6: been around since eighteen twenty eight, the Civil War, the

1435
01:04:34,600 --> 01:04:38,480
Speaker 6: Great Depression. It has been through trials and tribulations before. Meanwhile,

1436
01:04:38,480 --> 01:04:42,240
Speaker 6: of course it's got eleven states, five million customers, and

1437
01:04:42,520 --> 01:04:45,280
Speaker 6: some of those relationships cannot be duplicated. You got a

1438
01:04:45,320 --> 01:04:47,480
Speaker 6: six and a half percent dividend. I think if they

1439
01:04:47,480 --> 01:04:49,120
Speaker 6: just get up to one times book value, you go

1440
01:04:49,200 --> 01:04:51,520
Speaker 6: from the upper twenties into the mid thirties and have

1441
01:04:51,560 --> 01:04:52,000
Speaker 6: a nice.

1442
01:04:51,840 --> 01:04:53,800
Speaker 3: Retre So even the warnings that are seemed to be

1443
01:04:53,800 --> 01:04:57,040
Speaker 3: coming from officials, we did a Bloomberg exclusive story talking

1444
01:04:57,080 --> 01:04:59,520
Speaker 3: about the fetishing a sluugh of private warnings and that

1445
01:04:59,560 --> 01:05:02,720
Speaker 3: included citizens financially, you're not worried about some repercussions from that.

1446
01:05:02,840 --> 01:05:05,320
Speaker 6: We're worried about everything, but we think that their high

1447
01:05:05,400 --> 01:05:07,720
Speaker 6: quality underwriters and that their lum book is going to

1448
01:05:07,760 --> 01:05:08,480
Speaker 6: hold up really well.

1449
01:05:08,520 --> 01:05:09,520
Speaker 2: So you're not worried that much.

1450
01:05:09,800 --> 01:05:13,760
Speaker 4: Have we worried about everything? But it's fist in twenty seven.

1451
01:05:13,880 --> 01:05:17,120
Speaker 2: All right, listen, enjoy the open. You know your daughters

1452
01:05:17,160 --> 01:05:19,000
Speaker 2: here as well, so have fun with her.

1453
01:05:19,120 --> 01:05:19,720
Speaker 4: Thank you so much.

1454
01:05:19,760 --> 01:05:21,560
Speaker 2: You enjoy the match. Any calls you want to make.

1455
01:05:21,720 --> 01:05:22,320
Speaker 2: Who are you watching?

1456
01:05:22,720 --> 01:05:24,200
Speaker 6: You know? I have to tell you as it walked

1457
01:05:24,240 --> 01:05:27,560
Speaker 6: in fifty years of equal pay in women's tennis, that

1458
01:05:27,640 --> 01:05:29,800
Speaker 6: made us feel so good. As with my daughter, I said,

1459
01:05:29,840 --> 01:05:32,280
Speaker 6: it wasn't always this way. These things are different and

1460
01:05:32,320 --> 01:05:32,800
Speaker 6: they're better.

1461
01:05:32,960 --> 01:05:34,720
Speaker 2: I love that. David Dan, thank you so much. Be

1462
01:05:34,880 --> 01:05:36,040
Speaker 2: back Private Wealth Management.

1463
01:05:36,560 --> 01:05:41,200
Speaker 1: This is the Bloomberg Business Week podcast of a Little Apple, Spotify,

1464
01:05:41,320 --> 01:05:44,560
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1465
01:05:44,640 --> 01:05:48,720
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1466
01:05:48,760 --> 01:05:52,040
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1467
01:05:52,120 --> 01:05:55,200
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1468
01:05:55,280 --> 01:05:59,280
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